Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, has become the first bank to issue the CBD UnionPay dual-currency debit card in the GCC region.
CBD has announced an issuance agreement with China UnionPay, signifying the introduction of the first CBD UnionPay Prepaid Card Payments programme in the GCC region and the first programme to offer Dual Currency Solution (AED Dirham and Yuan - RMB) in partnership with China UnionPay.
This latest product from CBD, one of the most innovative financial solutions providers in the UAE, highlights its critical role in the financial cooperation between the UAE and China.
The new product enables CBD customers to link their accounts to CBD UnionPay Prepaid card in order to fund their AED/RMB accounts for payments targeting China Mainland and the Far East.
The launch of the CBD UnionPay Prepaid Card is in line with the Bank’s constant endeavour to offer novel and effective solutions for its customers’ unique and evolving needs. CBD is known for offering creative financial services to its corporate clients in order to facilitate economic cooperation between the UAE and its trade partners.
The issuance of the CBD UnionPay Prepaid Card was the result of innovation and cooperation between CBD and China UnionPay to satisfy the needs of the UAE and Chinese customers, symbolising a new level of financial services provided by the Bank.
Signed in China UnionPay’s Shanghai Head office, China, the agreement was witnessed by CBD’s Head of Consumer Banking, Frans Jan Burkens; and the Bank’s Head of Cards Management, Souheil Joseph Yammine; while on behalf of China UnionPay, it was witnessed by First Executive Vice-President of China UnionPay; Cai Jianbo and Vice-President, International Division, Larry Wang.
On the occasion, Faisal Galadari, General Manager - Business Group, Commercial Bank of Dubai, commented: “We believe that consumers will benefit from a convenient and flexible payments option wherever they go, especially in Far East and China Mainland.”
“This solution programme is part of our commitment to enhancing customer experience, offering a flexible solution along with customer convenience by reducing cash handling and currency exchange hassle,” said Galadari. Frans Jan Burkens, Head of Consumer Banking, Commercial Bank of Dubai, said: “The UAE witnesses a large number of businessmen and tourists from Asia, which makes this agreement gain increased significance. It is also positive news for UAE merchants, opening up a new form of payment for their business.”