NETS and
China Union Pay sign groundbreaking deal
Shanghai, Singapore, January 11, 2005 –
Singapore’s electronic payments leader, NETS (Network
for Electronic Transfers Singapore Pte Ltd), today announced
a landmark deal with China Union Pay (CUP), that will
enable millions of Chinese visitors use their credit
and debit cards to make purchases and withdraw cash
from ATMs throughout Singapore.
Chinese visitors already represent the second largest
group of foreign visitors to Singapore, according
to the Singapore Tourism Board. Over the past four
years, the Lion City has welcomed an average of more
than 600,000 business people and holidaymakers from
China. It is estimated that Chinese visitors to Singapore
spend on average around S$300 each.
CUP was established in March 2002 by 80 leading Chinese
banks. It is similar to NETS in that supports electronic
transactions for banks throughout China and cards
bearing its logo are as ubiquitous in China as NETS
is in Singapore.
At the launch of CUP cards in Singapore, NETS CEO,
Ms Poh Mui Hoon, said: “This is a special deal
for a special day. NETS is honoured to be cementing
this groundbreaking partnership with China Union Pay
on the day of our 20th Anniversary.
“For several years NETS has been seeking like-minded
partners overseas that will enable us to expand our
business in Singapore and also overseas. There are
many similarities between NETS and CUP. Twenty years
ago the Monetary Authority of Singapore played a pivotal
role in the formation of NETS and getting the local
banks to follow a common path. The People’s
Bank of China has played a similar role in establishing
the CUP payments infrastructure.
“CUP can provide NETS, our merchants and shareholder
banks with access to a cardholder base of more than
300 million, which is 75 times greater than the entire
Singapore market. This is just the beginning. Over
the coming months, we will be working with CUP to
further develop the scope and scale of this arrangement
in the coming months.”
“NETS is an outstanding bank card specialist.
The high quality of its staff and efficiency of its
products has helped Singapore’s services industry
to thrive. NETS’ hard work has brought it new
business opportunities and its strategic judgment
has promoted this exchange between China and Singapore,”
said CUP President, Mr Wan Jian Hua.
“Without a doubt, the acceptance of CUP cards
in Singapore creates a secure and convenient electronic
payment method for Chinese tourists, which will encourage
them to spend more in Singapore and play a role in
the development of economic activities between our
countries.”
People’s Bank of China (PBOC), Director General
of Payment Systems, Mr Xu Luo De, said: “The
acceptance of CUP cards in Singapore is an achievement
resulting from the cooperation between two big companies.
CUP is the only bankcard union organisation in China
that is licensed by PBOC. Its members include all
134 banks in China. NETS is Singapore’s largest
payments services provider.
“This deal will definitely have a positive
impact on both countries’ economic and commerce
activities, especially in the bank card domain.”
NETS will enable CUP card holders to withdraw cash
directly from the 700 ATMs operated islandwide by
leading local banks OCBC and UOB with a daily cumulative
withdrawal limit of the Singapore Dollar equivalent
of 5,000 RMB.
In addition, 20 and more leading NETS-affiliated
Singapore merchants have already signed up to the
CUP service including DFS Galleria and Jay Gee Enterprises
Pte Ltd (see attachment).
-ENDS-
NETS TURNS 20!
NETS is celebrating its 20th Anniversary on 11 January,
2005. The company was originally founded in 1985 to
operate and manage an on-line debit payment service.
It has since pioneered Singapore’s move to cashless
society and grown from a single to a multi–service
organisation, providing a comprehensive range of electronic
payment services.
Based in Singapore, NETS is expanding internationally
with a vision to be the preferred world-class solutions
provider for payment and processing services, accepting
multi-media and multi-channel transactions on behalf
of companies, institutions and individuals around
the world. NETS products and services are currently
marketed throughout Asia, including China, Hong Kong
and South East Asia.
NETS provides merchants, banks and consumers with
fast and convenient electronic payment services for
carrying out everyday transactions. With a willingness
to push new technology frontiers, NETS is continuously
developing new payment solutions to create an integrated
multimedia platform that allows payments to be made
seamlessly across mobile, wireless and physical arenas.
With a growing range of payment services, NETS is
poised to become the integrated payment gateway for
Asia.
Find more information on NETS and its payment services
at http://www.nets.com.sg.
ABOUT CHINA UNION PAY
China Union Pay (CUP) is a service payments provider
similar to NETS, which supports electronic transactions
for banks and financial institutions throughout Mainland
China. CUP was established in March 2002 by 80 leading
Chinese financial institutions and has RMB 1.65 billion
of registered capital.
By adopting advanced technology and modern enterprise
management techniques, CUP has established an interoperable
bankcard switch network for the whole of China.
By harnessing the latest technology and building
a robust payments infrastructure, CUP has developed
a range of advanced card payments solutions for millions
of cardholders in China.
CUP also formulates operational regulations and technical
standards for card transactions in China. It is also
committed to educating China’s bankcard sector
and developing international exchanges such as the
arrangement with NETS. In fact, CUP is striving to
realise the vision of “touring China or even
the world with a single card”.
Find more information on CUP and its car and payment
services at http://www.chinaunionpay.com
For further media queries, please contact:
Baldwin Boyle Shand Ltd
Paul Barrett
Tel: +65 6230 5117
Mob: +65 9011 7179
E-mail: paul.barrett@bbspr.com.sg
Network For Electronic Transfers (Singapore)
Pte Ltd
Theresa Lee
Customer Marketing and Communications
Tel: +65 6374 0453
E-mail: theresa@nets.com.sg
