Singapore, 24 November 2017 - Bank of China Singapore Branch (BOCSG) today launched new co-branded credit and debit cards in partnership with Lianhe Zaobao, the Chinese flagship newspaper of Singapore Press Holdings (SPH), and global payments brand UnionPay.
The Bank of China Lianhe Zaobao Credit Card is Singapore's first Diamond credit card equipped with UnionPay QuickPass, enabling cardholders to make contactless payments in a simple, fast and secure manner.
Also designed to bring greater savings and convenience on purchases across Singapore and China, the card offers:
Up to 30.7 per cent savings on petrol and 10 per cent cash rebate on dining, online shopping and department store spend - the highest in the market across all these categories;
20 per cent discount on Lianhe Zaobao and other SPH newspaper subscriptions; and
Over 1,400 exclusive privileges at UnionPay partner merchants around the world.
The BOC Zaobao credit card will also be compatible with the BOCSG e-wallet app set to launch in end 2017, enabling cardholders to make QR code payments via the UnionPay network. Merchants that accept UnionPay QR code payments currently include BreadTalk, Bath & Body Works, Kate Spade New York, Michael Kors, TUMI and Victoria's Secret in Singapore; Colourmix in Hong Kong, as well as others in China, Thailand and around the world. This form of QR code payment will be internationally accepted, compliant with EMVCo standards and compatible with the SG QR developed by the Singapore government.
Mr Ren Deqi, Executive Vice President of Bank of China, said, 'Bank of China strongly supports Singapore's vision to be a Smart Nation. With mobile payments growing rapidly in Singapore and China, the new BOC Zaobao card - equipped with UnionPay's QuickPass and QR code functionalities - will provide cardholders with greater ease and convenience making payments across both countries. The cards demonstrate our determination to be at the forefront of banking innovation, and we will continue to provide customers with the best offers and payment solutions tailored to their needs.'
Our new card will provide cardholders with greater ease and convenience when making payments in China, Singapore, Malaysia, Thailand, Korea, Japan and other parts of the world, through UnionPay's QuickPass contactless feature and QR code. This represents our ongoing efforts to support Singapore's cashless agenda, fulfilling its vision to be a Smart Nation.
'One of the main collaborative efforts of Sino-Singapore relations is strengthening the financial artery of the 'Belt and Road' initiative. Bank of China will tap on its wide network and dedicate its global resources in contributing to the development of quality financial resources for the two nations,' Mr Ren added.
The card also marks the first in a series of commemorative activities in the lead up to Lianhe Zaobao's 95 anniversary in 2018.
Mr Goh Sin Teck, Editor of Lianhe Zaobao, said, 'For the past nine decades, Lianhe Zaobao has been committed to providing our readers with the latest news and insightful perspectives, and to date, we have grown a significant readership in China. Through this partnership with Bank of China, we wish to thank and reward our readers in Singapore and China for their support throughout the years by bringing them a variety of cash rebates and spending privileges across both countries. We look forward to reaching out to more Lianhe Zaobao readers and enriching their lives with valuable content as well as attractive lifestyle benefits.'
Mr Cai Jianbo, CEO of UnionPay International, said, 'Singapore is the first Southeast Asia market that UnionPay entered when we started expanding our international business. To date, we have good acceptance online and offline, as well as increasing card issuance, underscoring the accelerating growth of UnionPay's business in Singapore. This partnership not only marks the addition of new products to card portfolio; but also brings new innovations in mobile payments, allowing Chinese financial institutions who have embarked on international business to harness the power of new technologies to develop their business further in local markets.'
The BOC Zaobao cards are the latest in a series of product and banking innovations, riding on the successes of the BOC Sheng Siong credit card and the BOC Family credit card which recently won a Best Family Card category award. Other popular products include BOC SmartSaver which offers customers up to 3.55 per cent interest per annum, and the Mobile Banking app.
Customers can visit any Bank of China branch to apply for the BOC Zaobao cards. For more information, please visit www.bankofchina.com/sg.
For media enquiries, please contact:
About Bank of China and its Singapore Branch
Established in 1912, Bank of China is the most internationalised and diversified bank in China. It provides a comprehensive range of financial services that spreads across the Chinese mainland and in 52 countries and regions around the world. For over a hundred years, the Bank has upheld a spirit of excellence at the heart of its business.
The Bank of China Singapore Branch began operations in 1936. It holds the Qualifying Full Bank License with a network of 23 touch points island-wide. Its suite of banking services includes corporate banking, personal banking, market trading and investment banking, with many of its products and services a market leader in Singapore. The Branch has 5 regional and global business centres, including a Commodity Business Unit, Forfaiting Unit, Debt Capital Market Centre, Private Banking and Card Unit.
Since its establishment, the Branch has been committed to strengthening Sino-Singapore relations. In 2016, the Branch became the first wholly owned Chinese enterprise to be conferred the 'Business China Enterprise Award'. In 2017, the Branch became a council member of the Association of Banks in Singapore, and was elected as the chairman of the Southeast Asia Regional Committee of the International Trade and Forfaiting Association. It also provided vigorous support to the 'Belt and Road' initiative by financing projects in more than 10 countries and regions along the route with a cumulative amount of over US$10 billion dollars.
Bank of China Singapore Branch is the first foreign bank in Singapore to support real-time payments for credit cards, and is also the first and only bank in Singapore to offer premium cards across all three card associations (Visa, MasterCard and UnionPay).
Please visit www.bankofchina.com/sg for more information on our products and services.
About Singapore Press Holdings Ltd
Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Asia's leading media organisation, engaging minds and enriching lives across multiple languages and platforms, ranging from print, digital, radio and out-of-home media.
SPH owns award-winning newspapers, magazines and best-selling books in both print and digital editions, as well as online classifieds businesses in the region. In addition, SPH has three English radio stations and two Chinese radio station, an out-of-home digital advertising unit, a regional events and conferences arm, and runs a chain of modern retail convenience stores.
SPH REIT comprises Paragon, a premier upscale retail mall and medical suite/office property in Orchard Road and The Clementi Mall, a mid-market suburban mall. SPH's latest retail development is The Seletar Mall located in Sengkang.
SPH is in the healthcare sector, operating private nursing homes under Orange Valley.
For more information, please visit www.sph.com.sg.
About Lianhe Zaobao
Lianhe Zaobao, the Chinese flagship newspaper published by Singapore Press Holdings, is the largest-circulating Chinese newspaper in Singapore. Widely recognised in Southeast Asia for its superior quality as a responsible, objective, fair and credible newspaper, it also enjoys a good reputation and considerable influence in the global Chinese communities. Its 200-strong editorial team, including correspondents based in major cities such as Beijing, Shanghai, Guangzhou, Chongqing, Hong Kong, Taipei and Tokyo, keeps Singaporeans informed of major developments in the region. Launched in 1995, Zaobao.com, the digital edition of Lianhe Zaobao in mainland China, draws over 5 million daily page views and attracts a monthly readership of 5 million. Zaobao.sg, the 3-in-1 Chinese digital portal comprising of content from Lianhe Zaobao and two evening dailies Lianhe Wanbao and Shin Min Daily News, is launched in 2016. It targets local readers and readers in other parts of the world, and enjoys half a million daily page views and a monthly readership of 1.4 million.
Please visit www.zaobao.sg for more information.
About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay, a global payment network that serves the world's largest Cardholder base. With over 6.3 billion UnionPay cards issued in 162 countries and regions, over 45 million merchants and 2.55 million ATMs accepting our cards worldwide, UnionPay is currently one of the fastest-growing payment networks in the world. In Southeast Asia, UnionPay has enabled ATM, POS acceptance and card issuance across all 10 countries.
As a company with a global acceptance network and a wide range of world-class payment services, UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment for consumers and businesses alike. For more information, visit www.unionpayintl.com.