CBD launches dual-currency debit card

, August 12, 2012

Commercial Bank of Dubai (CBD) said it has become the first bank in the Gulf region to issue the dual-currency debit card with the introduction of the new CBD UnionPay card.

Announcing the launch, CBD said the new debit card will offer a dual currency solution to its customers for both Emirati Dirham and Chinese Yuan.

CBD had earlier announced an issuance agreement with China UnionPay, signifying the introduction of the first CBD UnionPay Prepaid Card Payments programme in the GCC region.

It is also the first programme to offer Dirham and Yuan RMB in partnership with China UnionPay, said the UAE bank in a statement.

In addition to China, the card will be accepted by UnionPay’s network throughout 110 countries and regions, including the UAE.

As per the deal, any consumption in China by the customers will be settled in Renminbi and any consumption in the UAE or other countries and regions will be settled in Dirham.

This latest product from CBD, one of the most innovative financial solutions providers in the UAE, highlights its critical rolein the financial co-operation 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 Dh/RMB accounts for payments targeting China Mainland and the Far East.

The launch of the card is in line with the CBD’s constant endeavour to offer novel and effective solutions for its customers’ unique and evolving needs.

“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,” remarked Frans Jan Burkens, the head of consumer banking, CBD at the signing ceremony.

CBD head of cards management Souheil Joseph Yammine and China UnionPay officials CaiJianbo, the first executive vice-president and Larry Wang, the vice-president of International Division were present at the signing ceremony held at China UnionPay’s head office in Shanghai.

Faisal Galadari, the GM (Business Group), CBD said with this card, the 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.

According to him, the UAE businessmen and merchants will also benefit from the ability to process a wider range of payment options.
 
"Through our arrangement with UnionPay, they will have access to a particularly large and important market, being able to cater to the needs of the high number of visitors from Asia we see each year," he added.-TradeArabia News Service

Tags: debit card | Commercial Bank of Dubai | china yuan | UnionPay |