BEIJING, Oct. 12, 2016 /PRNewswire/ -- Today UnionPay announced its chip card technology licensing cooperation with seven members of the Asian Payment Network (APN). This marks a new breakthrough in the "Going Global" of China's financial technology standards. Major switch networks in Singapore, Thailand, South Korea, Malaysia, Indonesia and the Philippines will adopt UnionPay chip card standard in card acceptance and issuance.
Fan Yifei, Vice President of the People's Bank of China; Ge Huayong, Chairman of China UnionPay; and Shi Wenchao, President of China UnionPay attended the signing ceremony. Cai Jianbo, CEO of UnionPay International and the representatives of partners signed the agreement.
UnionPay cards are now accepted in 160 countries and regions, and issued in 40 countries and regions. While promoting cross-border businesses, UnionPay is also giving full play of its advantages in network, product, technology and standard to take part in financial infrastructure construction in markets outside of mainland China.
Fan Yifei said, "China's payment industry is developing rapidly and is playing an increasingly significant role in promoting e-commerce, enhancing financial inclusion, meeting consumers' demands and fueling economic growth. APN members' adoption of the UnionPay chip card standard means that UnionPay's technology and service have been recognized by the international market." He welcomes overseas counterparts' suggestions and advice, and is willing to share opportunities with more partners.
Ge Huayong said, "UnionPay has taken part in the construction of financial infrastructure in many Asian countries since 2014. This cooperation with APN will help realize the interconnection among payment networks in the Asia Pacific region and will facilitate the financial exchanges between these countries and regions."
Composed of 13 switch networks in 11 Asia-Pacific countries, APN is aimed at realizing the interconnection among various payment networks in the region. In 2005, APN chose UnionPay as the sole provider of its cross-border chip card standard through competitive bidding. Now, its members will adopt the UnionPay chip card standard for all the APN brand cards they issue.
This agreement signing is of great significance: First, it means that the cooperation between UnionPay and payment industries outside mainland China has upgraded from business cooperation to comprehensive partnership in product and standard. Second, it helps the payment industries in these markets upgrade, and paves way for the roll-out of UnionPay's innovative payment products. Third, it helps enhance the competitiveness of China's payment industry.
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SOURCE UnionPay International