Mashreq forms partnership allowing Chinese tourists to use cards in UAE

Monday, Apr 20, 2009

Gulf News

Dubai: Mashreq Bank on Sunday signed a strategic partnership with China UnionPay (CUP), the only national bankcard association in China, which will allow CUP customers to use their cards at Mashreq outlets in the UAE.

The move makes Mashreq the first national bank in the Gulf Cooperation Council (GCC) states to accept CUP cards.

It is expected the partnership will allow the growing number of Chinese tourists to use their CUP cards freely in the country at Mashreq ATMs and at point of sales terminals, in the first phase of cooperation between the two financial institutions. A second phase will allow the issuance of Mashreq-CUP cards in the UAE.

"At the moment we welcome about 350,000 visitors from China to the UAE every year. We are home to about 200,000 Chinese expatriates. Many of those visitors and residents will be UnionPay card holders, and that's why we have entered into this partnership with CUP," Abdul Aziz Al Ghurair, CEO of Mashreq Bank, said, addressing gathered delegates at the launch yesterday. Estimates suggest that among the Chinese expatriates residing in the UAE, more than 60 per cent are salaried, and nearly all hold a CUP card.

Despite the downturn in the global economy, the Chinese economy is still forecast to record positive growth this year.

Mashreq's Head of Retail Banking Douglas Beckett said the bank will launch 200 ATMs exclusively for CUP cardholders covering the key tourist destinations.

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