Singapore bank signs deal with Chinese bank card association
( dpa ) - United Overseas Bank (UOB) has signed a deal with a Chinese bank card association that would allow more Chinese tourists to use their cards for purchases at merchants in Singapore, the bank said Saturday.
"This is a first for any Singapore-headquartered bank," it said in a statement.
China Unionpay (CUP), headquartered in Shanghai, has issued about 1.4 billion cards.
UOB said the move will increase the Chinese card's acceptance network in the city-state.
Chinese visitors represent the second-largest group of foreigners coming to Singapore, with more than 1 million Chinese tourists last year, according to the tourism board.
UOB said it will issue a Singapore credit card together with CUP this year for those who travel to China regularly for work, leisure or education.