Pay alliance

DBS Bank Ltd and China UnionPay Co yesterday signed a memorandum of understanding to expand existing partnerships made in Singapore and Hong Kong for retail banking offerings.

This covers debit and credit card issuance, UnionPay card acceptance at DBS point-of-sales terminals, and UnionPay card acceptance for cash withdrawal at all DBS ATMs regionally.

At present, UnionPay cardholders already enjoy the convenience of cash withdrawals at more than 950 DBS ATMs in Singapore and Hong Kong through an initiative launched last April.

The MOU paves the way for global partnerships between DBS and UnionPay, and reinforces DBS's regional focus and commitment to develop its retail banking business in Asia. With this strategic alliance, DBS can offer the full suite of UnionPay card products and related services in markets it operates in, including China's mainland, Singapore, Hong Kong and Indonesia.

There are more than 1.6 billion UnionPay cards in circulation.

According to the Singapore Tourism Board, 1.1 million China's mainland tourists visited Singapore in 2007.