Kyr­gyz bank launches co-badged China UnionPay card

The Pak Banker - - COMPANIES/BOSS -

The Kyr­gyz In­vest­ment and Credit Bank (KICB) launched the cobadged UnionPay/El­card card here on Fri­day. The KICB is the first in Kyr­gyzs­tan to in­tro­duce new chip based China's UnionPay card to its cit­i­zens, KICB Chief Ex­ec­u­tive Of­fi­cer, Kwang Young Choi, said at the launch­ing cer­e­mony.

"The main mo­tive of our con­tin­u­ous in­vest­ment into the new tech­nol­ogy based pay­ment sys­tem is to meet the needs of our econ­omy to re­duce cash based trans­ac­tions and also to al­low our cus­tomers to en­joy the most se­cured and re­li­able pay­ment cards," Choi said.

In this re­gards, he said, the in­tro­duc­tion of co-badged UnionPay/El­card can be an­other mile­stone in the bank's ini­tia­tives.

The bank of­fi­cer said China Unionpay has been suc­cess­fully inte- grated into the in­ter­na­tional pay­ment sys­tem, and pro­vides non-cash pay­ments ser­vices around the world.

In face of rapidly in­creas­ing trade vol­ume be­tween China and the Kyr­gyz Re­pub­lic, pro­vid­ing ac­cess to China UnionPay through KICS is cer­tainly a new ad­van­tage for en­trepreneurs, tourists and stu­dents of the coun­try, he said.

Tankiev Kuanysh, rep­re­sen­ta­tive of UnionPay In­ter­na­tional (UPI), said the UPI is de­vot­ing it­self to pro­vid­ing high qual­ity, ef­fi­cient and safe cross­bor­der pay­ment ser­vices to the world's largest card­holder group and of­fer con­ve­nient lo­cal ser­vice to more and more overseas UnionPay card­hold­ers.

"KICB is one of the most im­por­tant part­ner of UPI in Kyr­gyzs­tan. The launch­ing of the UnionPay/El­card means UPI and KICB will have a long-term, mu­tual ben­e­fi­cial re­la­tions of co­op­er­a­tion," Kuanysh said.

"Launch­ing of China UnionPay in Kyr­gyzs­tan is a good ex­am­ple of fi­nan­cial co­op­er­a­tion on the Silk Road Eco­nomic Belt ini­ti­ated by China," Elena Shin, man­age­ment mem­ber of the KICB, told Xin­hua.

"This Silk Road Eco­nomic Belt is one way of con­nect dif­fer­ent coun­tries into one union. UnionPay card is an­other way, an­other ex­am­ple that how eco­nom­i­cally and fi­nan­cially peo­ple of two coun­tries can be united," Elena added.

Elena be­lieved that this in­no­va­tive prod­uct will be of great suc­cess, as it is ad­di­tional se­cu­rity to the clients to make trans-bor­der pay­ments be­tween China and Kyr­gyzs­tan.

Elena said the China UnionPay plans to is­sue new chip based UnionPay card start­ing from April, adding that the card­holder can en­joy the UnionPay ser­vice in ev­ery branches of KICB, as well as in ev­ery ATM or POS that co­op­er­ates with KICB.

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