Doha Bank seals China UnionPay deal
Doha, December 12, 2012
Top Qatari retail lender Doha Bank has signed a strategic agreement with China UnionPay (CUP), the country's biggest bankcard association, to enable CUP customers get the maximum benefit from its large domestic network and strong relationship with retail outlets in Qatar.
This deal opens a new gateway for people from China and the Middle East to interact and conduct their business, said a top official of Doha Bank.
"This partnership is significant in Doha Bank’s history and we are extremely honored to have established this pioneering partnership with China UnionPay and to be the first Qatar-based bank to do so," remarked Doha Bank CEO Dr R Seetharaman while speaking at a press conference.
It was attended by Suresh Bajpai, the head of retail banking at Doha Bank, Han Wang, the acting chief representative, Middle East & Turkey CUP and Hany Al Deeb, country manager, Saudi Arabia, Kuwait and Qatar, CUP.
Dr R Seetharaman said, "Doha Bank sees China as a strategic growth market and with a representative office already present in the country, we are confident that there will be even more avenues for partnership with China in the upcoming years."
"The bilateral trade had risen by 72 per cent to $5.1 billion in 2011, over the previous year. The projections constitute double digits growth in this area,” said Dr Seetharaman, citing the China-Qatar Business Council data.
Prominently, Doha Bank will be a pioneer in launching cash withdrawals and balance inquiries for any card issued on behalf UnionPay through Doha Bank’s wide network of ATMs.
Also the new collaboration will allow China UnionPay Cardholders to enjoy payments through Doha Bank point of sale terminals to purchase goods and services offered by Doha Bank’s exhaustive selection of great outlets within the participant network.
Dr Seetharaman said China is poised to become the world’s largest trading nation by 2016 and will account for 12.3 per cent of world trade by 2026. We believe that economic growth comes from increasing productivity."
"Most increases in productivity result from education, research, and innovation—the activities that mark high-performing countries such as China," he noted.
Suresh Bajpai said, “With the addition of China UnionPay to the portfolio, Doha Bank can serve its customers even more effectively and cater to their payment needs.
"Doha Bank now has widespread affiliations with the biggest international acceptance networks and bankcard associations, which makes it the only bank in Qatar to include Visa, MasterCard, Amex and now China UnionPay," he added.-TradeArabia News Service