CBD Launches First Dual-Currency Prepaid Card In GCC
Published Saturday, 11 August 2012 12:16 | Written by Amwal Al Ghad
CBD has announced an issuance agreement with China UnionPay, signifying the introduction of the first CBD UnionPay Prepaid Card Payments programme in the GCC region and the first programme to offer Dual Currency Solution (AED Dirham and Yuan - RMB) in partnership with China UnionPay.
This latest product from CBD, one of the most innovative financial solutions providers in the UAE, highlights its critical role in the financial cooperation between the UAE and China.
The new product enables CBD customers to link their accounts to CBD UnionPay Prepaid card in order to fund their AED/RMB accounts for payments targeting China Mainland and the Far East.
The launch of the CBD UnionPay Prepaid Card is in line with the Bank's constant endeavour to offer novel and effective solutions for its customers' unique and evolving needs.
CBD is known for offering creative financial services to its corporate clients in order to facilitate economic cooperation between the UAE and its trade partners.
The issuance of the CBD UnionPay Prepaid Card was the result of innovation and cooperation between CBD and China UnionPay to satisfy the needs of the UAE and Chinese customers, symbolising a new level of financial services provided by the Bank.
Signed in China UnionPay's Shanghai Head office, China, the agreement was witnessed by CBD's Head of Consumer Banking, Frans Jan Burkens; and the Bank's Head of Cards Management, Souheil Joseph Yammine; while on behalf of China UnionPay, it was witnessed by First Executive Vice-President of China UnionPay; Cai Jianbo and Vice-President, International Division, Larry Wang.
On the occasion, Faisal Galadari, General Manager - Business Group, Commercial Bank of Dubai, commented: "We believe that consumers will benefit from a convenient and flexible payments option wherever they go, especially in Far East and China Mainland."
"This solution programme is part of our commitment to enhancing customer experience, offering a flexible solution along with customer convenience by reducing cash handling and currency exchange hassle," said Galadari.
Frans Jan Burkens, Head of Consumer Banking, Commercial Bank of Dubai, said: "The UAE witnesses a large number of businessmen and tourists from Asia, which makes this agreement gain increased significance. It is also positive news for UAE merchants, opening up a new form of payment for their business."
He added: "UAE businessmen and merchants will also benefit from the ability to process a wider range of payment options. Through our arrangement with UnionPay, they will have access to a particularly large and important market, being able to cater to the needs of the high number of visitors from Asia we see each year."
The rapid economic growth in both the UAE and China has brought the subsequent rapid development of bilateral trade, resulting in more business trips, travel and overseas trade between the two countries.
This big customer base brings not only enormous development opportunities in the personal financial service business, but also challenges for CBD to provide faster and safer banking services.
As the first UnionPay debit card and first AED Dirham-Renminbi dual-currency card issued in the UAE, the card has multiple advantages. It is an innovative bank card product specifically customised to especially meet the need of the Bank's trade customers.
In addition to China, the card will be accepted by UnionPay's network throughout 110 countries and regions, including the UAE. Any consumption in China will be settled in Renminbi and any consumption in the UAE or other countries and regions will be settled in AED Dirham.
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