UnionPay seeks to expand its business in Azerbaijan (PHOTO)
Baku, Azerbaijan, April 17
By Anvar Mammadov – Trend:
Chinese payment system UnionPay intends to expand its presence in the market of Azerbaijan, UnionPay General Manager at the Central Asia and Caucasus Regional Office Zhang Chengdong said at the 1st International Banking Exhibition and Conference, titled "Digital Banking and Security" in Baku on April 17.
He said that the company intends to achieve this through expanding its cooperation with partners in Azerbaijan.
"Our company entered the Azerbaijani market in 2016 and cooperates with such banks as the International Bank of Azerbaijan and Atabank. We plan to increase our share in the local market by late 2018 with the help of partners. The growth is expected to be significant," he said.
Zhang Chengdong further said that the company plans to issue UnionPay cards.
"I think that UnionPay cards will be available in the market before the end of 2018. As for the exact, I cannot comment on that yet," he said.
Presently, along with Chinese banks, banks in Thailand, Kazakhstan, South Korea, Pakistan, Singapore, Russia, Japan, Malaysia, Indonesia and the Philippines also issue UnionPay cards.
According to the data of UnionPay International (UPI), a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business, the total number of UnionPay cardholders abroad hit 90 million by late 2017.
Today, the International Bank of Azerbaijan (IBA), AzerTurkBank, Muganbank and AtaBank of Azerbaijan cooperate with this company.