UnionPay International (UPI) and CIMB Bank Berhad have signed a memorandum of understanding to enhance payment services in Malaysia. This strategic partnership aims to improve the payment experience for UnionPay cardholders, particularly in sectors such as retail, transportation, medical care, and e-commerce. UPI will provide CIMB merchants with access to its security authentication service, optimising Malaysia’s e-commerce and digital payment environment..
The signing ceremony was attended by key figures from both organisations, including Dong Junfeng, Chairman of China UnionPay and UnionPay International, and Gurdip Singh Sidhu, CEO of CIMB Malaysia and CIMB Bank Berhad. Dong Junfeng highlighted the significance of the collaboration, stating, “UnionPay has been operating in Malaysia for over 20 years. This collaboration with CIMB represents an important step in advancing UnionPay’s payment network in Malaysia.”
Gurdip Singh Sidhu emphasised CIMB’s commitment to enhancing payment solutions, noting that the partnership allows for greater ASEAN-China and global solutions coverage. The collaboration aligns with recent agreements between China and Malaysia to foster productivity cooperation and extend visa exemptions, further supporting bilateral exchanges.
The partnership will expand UnionPay’s presence among CIMB merchants, including petrol stations, transportation ticket counters, and shopping centre parking systems. With over 90% of local merchants already accepting UnionPay cards, the initiative aims to improve customer experience and payment acceptance. UnionPay has issued more than 10 million cards in Malaysia and launched three e-wallets to promote interoperability with local networks, solidifying its position as a preferred payment brand for local and cross-border transactions.
Malaysia is a model of payment interconnection and interoperability amongst countries including China, Indonesia, Thailand, Singapore, Vietnam, the Philippines, Cambodia and Laos.
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