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ICBC and China Union Pay Signed Strategic Cooperation Agreement on UnionPay Standard Peony Card

ICBC and China Union Pay Signed Strategic Cooperation Agreement on UnionPay Standard Peony Card

Write: Mariasha [2011-05-20]

ICBC and China Union Pay Signed Strategic Cooperation Agreement on UnionPay Standard Peony Card

Recently, Industrial and Commercial Bank of China Limited and China Union Pay Co., Ltd. signed Strategic Cooperation Agreement on UnionPay Standard Peony Card in Beijing. Leaders presented in the signing ceremony were: Mr. Jiang Jianqing, Chairman of Board of ICBC; Mr. Yang Kaisheng, President of ICBC, Mr. Zhang Qu, Deputy President of ICBC, Mr. Liu Tinghuan, Chairman of Board of China Union Pay, Mr. Wan Jianhua, chief executive of China Union Pay as well as Officer-in-charge from Peoples' Bank of China. The ceremony was presided by Mr. Zhang Qu. Mr. Jiang Jianqing and Mr. Liu Tinghuan delivered speeches respectively. Mr. Yang Kaisheng and Mr. Wan Jianhua signed the agreement on their behalf.

Mr. Jiang Jianqing indicated in his speech that after the establishment of Industrial and Commercial Bank of China Limited, the signing ceremony marked an importance advance by China companies to frame their own banking card brand together in China. It was also a great event worth celebration in China bankcard industry this year.

Both parties will form strategic partnership and complete each other in many aspects such as UnionPay Standard Peony Card issuance, cardholder service scheme enhancement, Peony Card transaction quality improvement and emerging payment technology and services launch. In addition, ICBC and China Union Pay agreed to work closely together to face the challenges and international competition when banking industry fully open to the world after China's accession to WTO.

Both companies are well positioned to achieve their goal to create a competitive China bankcard brand in the world.