Tuesday, 11 December 2012

DOHA: Doha Bank has established a partnership with China UnionPay (CUP) covering ATM and POS transactions opening a new gateway for people from China and the Middle East to interact and conduct their business.

Doha Bank announced this year a strategic agreement with China UnionPay (CUP), the biggest and most advanced bankcard association in the Chinese bankcard industry. In the subsequent months Doha Bank worked closely with CUP to establish the framework required to enable CUP customers to get the maximum benefit from Doha Bank's large domestic network and strong relationship with retail outlets in Qatar. 

Doha Bank will be a pioneer in launching cash withdrawals and balance inquiries for any card issued on behalf of UnionPay through Doha Bank's wide network of ATMs. Also the new collaboration will allow China UnionPay Cardholders to enjoy payments through Doha Bank point of sale terminals to purchase goods and services offered by Doha Bank's exhaustive selection of great outlets within the participant network. 

This is a milestone in Doha Bank's retail banking operations and is one of the leading initiatives in the Qatari banking sector, as Doha Bank is the leading bank in Qatar to start providing cash withdrawals for CUP cardholders via ATMs, and among the first few banks in the region. 

Doha Bank CEO, Dr R Seetharaman said: "This partnership is significant in Doha Bank's history and we are extremely honoured to have established this pioneering partnership with China UnionPay and to be the first Qatar-based bank to do so. Doha Bank sees China as a strategic growth market and with a representative office already present in China, we are confident that there will be even more avenues for partnership with China in the upcoming years. According to the China-Qatar Business Council, bilateral trade had risen by 72 percent to $5.1bn in 2011, over the previous year. The projections constitute double digits growth in this area."

Suresh Bajpai, Head of Retail Banking at Doha Bank, said: "With the addition of China UnionPay to the portfolio, Doha Bank can serve our common customers even more effectively and cater to their payment need. Doha Bank now has widespread affiliations with the biggest international acceptance networks and bankcard associations, which makes it the only bank in Qatar to include VISA, MasterCard, Amex and now China UnionPay."

© The Peninsula 2012