Taiwan’s Chinatrust Commercial Bank signed a
memorandum of understanding (MOU) for strategic cooperation with
China UnionPay to jointly operate a range of cross-Taiwan Strait
and international financial services.

Under the pact, both sides will cooperate with
each other in the fields of IC cards, the interests of
card-holders, online payments, cross-border remittance and merchant
acquiring services.

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Both parties will also explore the possibility
of tapping international markets.

The deal confirms Chinatrust’s ambition to tap
into the mainland Chinese market and step up deployments in
overseas markets in the wake of the inauguration of its Shanghai
branch.

Under the prerequisite of complying with
related rules and regulations set by both sides of the Taiwan
Strait, both parties will move to jointly develop cross-strait
banking cards and card-related payment services, and will study
various new types of international card-payment businesses, so as
to provide cross-strait and international customers with a more
innovative, convenient, faster and safer payment environment and
services.

Chinatrust is now Taiwan’s largest issuer of credit cards,
having issued a total of 5.38 million cards that are currently in
use.

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Since the end of 2009, Chinatrust has maintained cooperative
ties with China UnionPay in merchant acquiring services and ATM
business.

Some holders of UnionPay cards can withdraw cash from over 4,200
Chinatrust ATMs and can use the cards to make payments at 2,800
contracted stores around the island.