Su Ning (3rd from left), Chairman of UnionPay, and Zhao Chuntang(2nd from left), Deputy General Manager, Private Banking of BOC Head Office attend the card issuing ceremony. Chen Yuming((2nd from right), Chinese Ambassador to Australia, Andrew Stoner(3rd from right), Deputy Governor of New South Wales

2013 May 30, Sydney - UnionPay International and Bank of China (BOC) jointly issue the first UnionPay debit card (with card number starting from 62 and with UnionPay logo on card face) in Australia – BOC great wall international dual-currency debit card. Su Ning, Chairman of UnionPay, and Zhao Chuntang, Deputy General Manager, Private Banking of BOC Head Office attend the card issuing ceremony. Chen Yuming, Chinese Ambassador to Australia, Li Huaxin, Chinese Consul General in Sydney, Andrew Stoner, Deputy Governor of New South Wales, Darren Flood, Deputy Director of Payment Rules Department of Australia Federal Reserve Bank, and enterprises representatives from both countries are present to celebrate.

The BOC great wall international dual-currency debit card issued this time is aimed at providing Australian cardholders an international payment card for use both locally and when travelling abroad, breaking the bottleneck that the debit cards of local brand cannot be used overseas. This dual-currency debit card can be used in UnionPay’s international networks in over 140 countries and regions including Australia and China, and acceptable by all ATMs and POS terminals in the Chinese mainland and 60% of ATMs and tens of thousands of POS terminals in Australia. By the end of 2013, UnionPay cards are expected to be accepted by 50% of POS terminals in Australia. This card combines the functions of both AUD account and RMB account, which provides great convenience especially to cardholders travelling between China and Australia. Cardholders may make settlements by RMB in China and to be deducted by AUD in Australia and other countries and regions without paying currency conversion fees.

Su Ning, Chairman of UnionPay said, the home currency settlement agreement recently concluded between China and Australia will result in more intimate economic, trade and personnel relations between the two countries, which will not only set new requirements for cross-border payment service but also bring broader market for development. BOC is an important strategic cooperative partner of UnionPay International and also one of the important Chinese-funded banks that issue UnionPay cards abroad. This card issuing cooperation will not only integrate the resources of both sides including brand, service, customers, etc. but also combine the local network in Australia and the global UnionPay card acceptance network. It will provide Australian cardholders with new options of payment brands and convenient and favorable service while promoting the financial cooperation between China and Australia and better support the bilateral cooperation in other fields.

Zhao Chuntang, Deputy General Manager, Private Banking of BOC Head Office said, BOC Sydney Branch, since its incorporation, has been devoted to providing the best financial service to the economic and trade exchanges between China and Australia, and done its utmost to uphold the commitment of BOC “Strive for excellence, and serve globally”. He is glad that BOC Sydney Branch can be the first bank that has issued UnionPay dual-currency debit card in Australia. It is an innovative product of the cooperation between BOC and UnionPay International to meet the requirements of the vast customers from both Australia and China, marking a new step BOC Sydney Branch has taken in terms of financial service. The UnionPay dual-currency debit card issued this time is the first time that has genuinely combined AUD and RMB currencies and integrated UnionPay’s international network and Australian debit card network, which has significantly enhanced the universality of this card. By issuing this debit card, BOC Sydney Branch will be able to provide more excellent and reliable service to Australian cardholders.

Mr. Chen Yuming, Chinese Ambassador said, this cooperation between BOC and UnionPay International to issue the globally acceptable UnionPay dual-currency debit cards is to introduce a Chinese bankcard brand “UnionPay” and RMB bankcard service to Australian people, help them better understand China and Asia, and thus deepen the economic, trade and personnel exchanges between the two countries.

At present, UnionPay cards are accepted in all duty-free stores located at airports in Sydney, Melboune, Brisbane, Perth, etc. and in shopping centers, scenic spots, hotels and other places in major cities of Australia; by 97% of all taxis in Australia; successively introduced by Macquarie University, Taylor High School and other educational institutions. In addition, Cardholders may directly use UnionPay credit cards to apply for tax rebate and purchase special commodities via cross-border online stores.