Maybank forays into Chinese payment market
(2 December 2015 – China) Malayan Banking, better known as Maybank, has announced that it will partner with China UnionPay Merchant Services (China UMS) to break into the Chinese card payment collection market.
Maybank said the tie-up with China UnionPay will increase its cash management business in the Greater China region where it operates four branches including one in Hong Kong.
According to the lender, the country’s card payment market is worth at around 14 trillion yuan per year (A$3 trillion) and is growing at an estimated 26 percent annually.
"For Maybank, this is a significant and strategic step in reaching out to the promising China market," Maybank's head of Greater China Cheong Kwee Heng said in a statement.
The deal will allow Maybank to offer its clients collection and payment services that include point-of-sales machines and online payment as well as grow its cash management business.
Maybank has stated that the joint venture will benefit its corporate customers in the retail business in China such as automotive distributors, food and beverage outlets, departmental stores and hotels.
"Apart from deepening our point-of-sale business, this strategic partnership is also beneficial for both parties to jointly explore new markets and enhance our service and product offerings by leveraging on the strengths and resources of each other," Cheong added.
The bank added that the partnership will double its transaction volume through its regional cash management system by the end of 2016 in Greater China.
Transactions via Maybank's regional cash management system by clients in Greater China grew by 75 percent so far this year since its official launch in 2014, Maybank said in the statement.
According to the Malaysian bank, China UMS controls 40 percent of the point-of-sales terminals in China.
As of September, China UMS was serving around five million merchants with six million point-of-sale terminals. China UMS also operates 25,000 automated teller machines across the country.
Subscribe