Bank of China (BOC), one of the largest banks in China, and China Unionpay (CUP), the only National Bankcard Association in China, jointly unveiled the BOC Great Wall CUP Platinum Card following both sides inked a global partnership agreement on Thursday.

Speaking at the launch ceremony, which was attended by some 100 people from Singapore and China, Yue Yi, Global Head of Consumer Banking of BOC Head Office, said that with the strengthening of economic and trade ties between China and Singapore, coupled with the recently concluded Beijing Olympics 2008, there is renewed interest amongst Singaporeans of all business groups and ages to visit China.

Xu Luode, president of CUP, also said that the signing of the global partnership agreement and launch of the Great Wall CUP Platinum Card enhance the overseas card business collaboration for both parties.

"We believe that this card will provide a greater ease of payment convenience to Singaporeans who travel frequently to China for business or leisure as well as setting the benchmark for the expansion of CUP card in the global card business," he said.

This is the first Singapore dollar denominated CUP Credit Card to be launched in Singapore and will provide recognition and convenience of card payments, with associated discounts and privileges, for the thousands of travelers and businessmen who travel frequently to the Chinese mainland, Hong Kong and Macao.

The Great Wall CUP Platinum Card is the passport to the wide payment networks throughout China with 1.45 million merchant terminals and easy access to cash withdrawals at over 148,000 ATMs. In addition, card members will enjoy exclusive privileges at more than 17,000 merchants in the Chinese Mainland, Hong Kong and Macao when they dine, shop, entertain and travel.

(Xinhua News Agency October 9, 2008)