On May 10, Bank of China Singapore Branch and UnionPay International joined hands to jointly hold the overseas launch ceremony of Splendid China Card. At the press conference, the two sides also signed a "strategic cooperation agreement". Lin Jingzhen, Executive Director and Vice President of Bank of China, Dong Junfeng, Secretary of the Party Committee of China UnionPay, delivered video speeches, and Shi Wei, President of Bank of China Singapore Branch (proposed), delivered on-site speeches. More than 100 guests from the Embassy of the People's Republic of China in Singapore, the Chinese Enterprises (Singapore) Association, Business China and all sectors of the community attended the ceremony.
With the promotion of the visa-free policy between China and Singapore, the cooperation between the two countries in tourism and commerce has been further enhanced, and the demand for improving the convenience of cross-border payment in the context of globalization has also increased. A few days ago, the State Council issued the "Opinions on Further Optimizing Payment Services and Improving Payment Convenience", requiring that according to the payment habits of different groups, coordinate efforts to break through the blockages in payment services, and strive to improve the multi-level and diversified payment service system.
Lin Jingzhen said in his video speech that optimizing payment services is an important embodiment of the political and people's nature of financial work. Providing high-quality and efficient payment services for expatriates in China is the common goal of Bank of China and China UnionPay, and it is also an important measure to undertake the overall situation of China's high-level opening up and promote people-to-people, economic and trade exchanges between China and Singapore. Under this opportunity, the Splendid China Card came into being. This is a financial tool to effectively solve the problem of food, clothing, housing and transportation consumption in China for foreigners, and it is also an important link between Singapore and the Chinese consumer market.
Dong Junfeng said in his video speech that UnionPay, as an important national financial infrastructure and a globally important bank card organization, has conscientiously implemented the decisions of the CPC Central Committee and the State Council and the work deployment of the People's Bank of China, launched the "Splendid Action 2024", and used the advantages of "all domains, all scenarios, and all solutions" to break through the payment blockages of foreign personnel in China. This card issuance cooperation is the latest business achievement and important product starting point of the "Splendid Action 2024", which will help to better spread Chinese culture, promote Sino-foreign exchanges, and create a more convenient, safe and friendly payment experience for foreigners in China.
President Shi Wei (proposed) said that the overseas debut of the Splendid China Card reflects Bank of China's commitment to global layout and global services. Bank of China Singapore Branch, together with UnionPay International, will actively serve the overall situation of China-Singapore economic and trade exchanges and cross-border cooperation, promote China's high-level opening-up, provide comprehensive financial services for China-Singapore industrial and commercial enterprises and individual customers, and actively promote cooperation between the two countries in the fields of economy, trade and investment, scientific and technological innovation, green economy, digital economy and people-to-people exchanges, so that cross-border payment and other financial services will become a shining chess piece in the overall situation of foreign trade and economic cooperation, and actively contribute to the pragmatic cooperation between China and Singapore in various fields.
The Splendid China Card is positioned at key cross-border customers such as business travel and vacation sightseeing, and through the comprehensive improvement of card holding functions, the card can be configured with richer card rights and interests, and on the basis of the 1% cashback right of Pratt & Whitney, the card used in China during designated holidays or peak tourist seasons can be superimposed with an additional cashback of up to 9%; It also covers five categories of selected merchants, including airport courtesy, transportation, popular attractions, culture and art, and special food, to better protect foreigners who live, work, study and travel in China, and provide cross-border customers with a better experience and more value.
In order to quickly promote the issuance and use of physical cards, Bank of China Singapore Branch will add the rights and interests of Splendid China Card to the existing UnionPay branded card products "BOC Zaobao Credit Card", "BOC Zaobao Debit Card" and "BOC Travel Card" to benefit UnionPay cardholders such as Zaobao Card and Travel Card. In the next step, a new physical card will be issued, with a new design on the card surface and the Splendid China LOGO, which will fully reflect more card-holding rights and interests, and cover cross-border payments and discounts to more customers in China and Singapore.
As the first financial institution to issue credit cards at home and abroad, Bank of China has always attached great importance to the development of credit card business. Bank of China Singapore Branch, located in the financial center of Asia, will always adhere to the development idea of combining internationalization and localization, rely on the brands of Bank of China and China UnionPay, give full play to its advantages, effectively bring customers financial solutions with "one-point access, global response, and comprehensive services", maintain innovation vitality in the fields of payment innovation and digital experience, serve the overall situation of the country's high-level opening up, and promote people-to-people and cultural cooperation between China and Singapore in various fields.