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SINGAPORE: DBS Bank is ramping up its regional credit/debit card business. The lender has partnered China Unionpay (CUP) to roll out CUP credit and debit card services in Singapore and Indonesia next year.
This will make DBS the first bank in Singapore to offer a full suite of regional CUP card services. There are currently 1.6 billion CUP cards in circulation around the world.
Over 1 million Chinese tourists visited Singapore last year, and DBS plans to tap on this fast-growing market to boost its retail banking presence and credit/debit card business in the region.
Rajan Raju, managing director, head of Consumer Banking, DBS Bank, said: "Working with CUP, we'll be able to open all those markets where DBS currently is (in) for our partner CUP.
"We think that the immediate priorities are going to be Singapore, Hong Kong, China and Indonesia, which are some of our strong markets. Over time, we will collaborate with CUP to try and open up new markets that we are in."
Come next year, DBS customers will be able to make point-of-sale transactions, using a CUP bank card similar to the one issued in Hong Kong. The lender is targeting Chinese nationals living in Singapore, as well as Singaporeans who travel frequently to China.
Chinese visitors spent some S$930 million in Singapore last year, up 50 per cent from 2005. And more CUP cardholders are expected to swipe their cards when they shop here in Singapore.
James Yang, chief representative, China Unionpay, said: "Right now in Singapore, we are growing very fast. Year-to-year, we've grown more than 80 per cent. Actually in the last year, we've grown more than 90 per cent.
"This year, we're looking forward to a growth of more than 100 per cent. So, to tap on the opportunity, we are cooperating with DBS. We should have faster growth in Singapore."
Takashimaya Department Store will be the first DBS merchant to accept CUP point-of-sale transactions, and CUP cardholders can make cash withdrawals from any DBS automated teller machines in the region.
- CNA/so
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