Singapore bank signs deal with Chinese bank card association

Business Materials 12 April 2008 06:29 (UTC +04:00)

( 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.