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13 April 2010
Standard Bank further cements relationship with China
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Thousands of Chinese tourists who visit South Africa every year will now be able to withdraw cash from over 4 800 Standard Bank Group's ATMs and make payments through its point-of-sale terminal network in South Africa. This follows the finalisation of a strategic partnership between Standard Bank Group and China UnionPay, China's only bankcard association and interbank network.
A delegation of China UnionPay officials, headed by Cai Jianbo, First Executive Vice-President of China UnionPay, is currently in South Africa for the official launch of CUP card acceptance business. Standard Bank Group (SBG) is the first local bank to offer ATM access to China UnionPay cardholders.
Says Sim Tshabalala, Chief Executive, Standard Bank South Africa: "We are delighted that we will now be able to assist the thousands of Chinese tourists that visit South Africa every year. This partnership represents Standard Bank's first cooperation with a Chinese partner in the retail banking sector and there is no doubt that it will help further cement the growing ties between China and South Africa."
He says the cooperation agreement was even more significant for SBG given that its strategic partner, the Industrial and Commercial Bank of China (ICBC) was a major shareholder of China UnionPay. "This clearly supports our strategic focus of connecting Africa to the world and the world to Africa."
Cai Jianbo, First Executive Vice-President of China UnionPay, says: "China UnionPay attaches great importance to the African market. As the African economic centre, South Africa is also our bridge to the rest of Africa. We are very pleased to be partnering with Standard Bank, Africa's largest bank, to launch the CUP card acceptance business."
He says China UnionPay is also looking at developing more cooperative opportunities in other African markets with SBG.
Tshabalala says that strong cooperation between SBG and China UnionPay would ensure that all Chinese visiting South Africa would have access to cash from SBG's extensive ATM network throughout South Africa. In addition, China UnionPay cardholders would also be able to transact at retail outlets that have Standard Bank point-of-sale devices.
"We are very excited by the fact that South Africa is only the first phase of the China UnionPay roll out. We are looking forward to extending this service to our other Africa operations, as well as to Argentina in the near future," says Tshabalala.
Cai adds that South Africa was not only the most sought after travel destination for Chinese tourists, it was also China's largest trading partner in Africa, enjoying a close bilateral relationship.
"The 2010 World Cup will attract a large number of Chinese tourists to South Africa. Standard Bank and China UnionPay will provide more secure, economical and convenient payment services for China UnionPay cardholders," he says.
About China UnionPay
Established in March 2002, China UnionPay (CUP) is a bankcard association under the approval of the State Council and the People's Bank of China. At present, the Shanghai-headquartered CUP has 36 branches in provinces and key central cities of China, has opened more than 10 overseas representative offices and branches. Now CUP has about 300 domestic and overseas associate members and has engaged in cooperation with more than 100 global financial institutions.
Ever since its establishment, China UnionPay has collaborated with various industrial parties to promote the rapid development of China's bankcard industry. China has developed as one of the countries with largest bankcards, most rapid growth and greatest potential in the bankcard industry worldwide.
Up to now, CUP's global acceptance network has covered 90 countries and regions across five continents around the world, among which 13 countries and regions have issued CUP standard card in local currency.
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