Mashreq and China Unionpay (CUP) have come together to build a new business model of co-operation, uniting the two leading financial institutions and strengthening the economic ties between the People's Republic of China and the UAE.
The leading figures from both Mashreq Bank and China Unionpay came together to cement their new partnership, which sees China Unionpay customers able to use their cards throughout Mashreq's extensive network in the UAE.
With this partnership, Mashreq now becomes the first national bank in the GCC to recognise and accept China Unionpay cards – for cash withdrawals at ATM machines, and for purchases by Mashreq point of sales terminals. By the end of 2008, 196 CUP domestic member banks had issued more than 1.8 billion cards.
The number of Chinese tourists either visiting or transiting from the UAE in 2008 was in excess of one million and with this new move, Mashreq will give China Unionpay cardholders the freedom to complete financial transactions at all of their merchants across the UAE and the ability to withdraw cash at all Mashreq ATMs. The partnership will not only encourage more tourism trade from China to the UAE, but it will also significantly strengthen the trade and economic relationships between China and the UAE.
"There are great partnership opportunities between Mashreq and China Unionpay and this is just the first step, in what we hope, will be a very long and prosperous relationship for both the UAE and China. Mashreq currently holds 32 per cent market share in the merchant acquiring business and our vision to provide the most convenient solutions to all of our customers, is testament to our new relationship with China Unionpay," said Mashreq CEO Abdul Aziz Al Ghurair.
"China's economy is predicted to be the world's largest by 2012, and President Hu Jintao has stressed that his country sees the UAE as its first trade partner in the Gulf and the Middle East. At Mashreq, we are fully committed to making that vision a reality, and our joint venture with China UnionPay further strengthens the ties," he said.
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