Recently, Bank of China (601988.SH) held the ceremony for the first issuance of the UnionPay dual-currency debit card in Bangkok, Thailand. Guan Mu - Chinese Ambassador to Thailand, Zhu Shumin - Vice President of Bank of China, Cai Jianbo - Executive Vice President of China UnionPay and over 150 representatives from Chinese and Thai enterprises attended the ceremony.
Quan Mu made a speech on the ceremony, saying that as the first Chinese bank issuing the UnionPay dual-currency debit card in Thailand, Bank of China Bangkok Branch played an important role in the financial cooperation between China and Thailand.
Bank of China's Vice President Zhu Shumin stated that since its was established, by adhering to Bank of China's principle of "striving for excellence and providing global services", Bank of China Bangkok Branch had been always offering the best financial services to facilitate the economic and trade cooperation between China and Thailand. The issuance of the UnionPay debit card was the result of innovation and cooperation between the Bangkok Branch and China UnionPay to satisfy the needs of Chinese and Thai customers, symbolizing a new level of financial services provided by the Bangkok Branch.
The rapid economic growth in both China and Thailand brought the subsequent rapid development of the bilateral trade, resulting in more business trips, travel and overseas students in the two countries. This big customer base brings not only enormous development opportunities in the personal financial service business, but also challenges for Bank of China to provide faster and safer banking services.
As the first UnionPay debit card and first Renminbi-Baht dual-currency card issued in Thailand, the card has the advantages of "acceptable worldwide, dual-currency in one card". It is an innovative bank card product specifically customized to meet the need of both Chinese and Thai people who travel between the two countries.
In addition to China, the card is accepted by UnionPay's network throughout 110 countries and regions, including Thailand. Any consumption in China will be settled in Renminbi and any consumption in Thailand or other countries and regions will be settled in Thai Baht. Exempting from currency exchange fee, Thai residents, especially those who travel between the two countries, will enjoy such a convenient service.
After the ceremony, Bank of China and China UnionPay signed the Cooperation Agreement on Urgent Cash Service of UnionPay Debit Cards, ensuring a better service for the UnionPay card holders who travel abroad.
Source:boc