ABA Bank signs Card Issuing Agreement with UnionPay International
ABA Bank and UnionPay International (subsidiary of China UnionPay) today joined together in the Signing Ceremony of the Card Issuance Cooperation Agreement in Phnom Penh. Deputy Chairman of UnionPay International Shi WenChao together with ABA Bank CEO Askhat Azhikhanov led the signing ceremony, confirming the start of issuance of UnionPay cards by ABA Bank. The agreement authorizes ABA Bank to issue and accept UnionPay cards under the license of UnionPay International.
Commenting on the occasion, Mr. Askhat Azhikhanov, CEO of ABA Bank said, “We are happy to bring our partnership with UnionPay International to the next level. Now, with signing of this Card Issuing Agreement we are becoming the largest issuer of China UnionPay cards in Cambodia. I expect it will give our clients additional advantages as well as boost up economic, tourist and trade ties between China and Cambodia.”
Mr. Shi WenChao stated, “UnionPay attaches great importance to the Southeast Asian market and Cambodia is one of the most important markets. As China and Cambodia witness closers relationships in trade and personnel exchanges, major financial institutions and local merchants have proactively carried out UnionPay card business to improve their services. UnionPay will continuously deepen cooperation with local institutions including ABA Bank, optimize the local card acceptance environment, expand UnionPay card issuance and acceptance and make UnionPay card the preferred payment choice for local residents.”
Following its strategy of payment cards development, ABA introduced a renewed design of all payment cards including an option for UnionPay cards. Start of issuance of UnionPay cards puts the Bank in a stronger position within Cambodian payment cards market. Earlier in 2014, ABA Bank signed the agreement with China UnionPay and became an active participant of the payment system by starting to accept UnionPay cards in all of its ATMs and POS-terminals.