China Unionpay (CUP) and Singapore OCBC Bank launched real-time remittance services to China on Tuesday.
EasiRemit, a new remittance service available using CUP band cards via OCBC Mobile Banking as well as OCBC ATMs, will better meet the remittance needs of customers, especially a large number of Chinese expatriates here, said a joint statement.
This is the first real-time remittance service to China and OCBC Bank is also the first and only bank in Singapore to tie up with CUP to offer such a remittance service.
The new services will be launched with four CUP member banks in China, including Bank of Shanghai, Dongguan Rural Credit Cooperatives Union, Fujian Rural Credit Union and Hunan Rural Credit Union.
Customers from these four banks can now use their CUP debit or credit cards, to withdraw cash at close to 500,000 CUP ATMs globally and over 7,000 bank branches located in China.
They can also use their cards to make purchases at over 870,000CUP merchant outlets worldwide.
Other banks which will be included in the program soon include key players such as the Agricultural Bank of China, Bank of Communications and Industrial and Commercial Bank of China, according to CUP.
CUP, which was established in 2002, began its international global payment services in 2004. Currently, the CUP network has expanded to 26 countries and regions, including the United States, France, South Korea, Japan and Singapore.
OCBC Bank customers in Singapore can also remit money at any time of the day to beneficiaries in China through OCBC Mobile Banking and more than 400 OCBC ATMs island-wide.
They can also have the money credited immediately to their bank accounts in China, instead of the usual three to five days' waiting time that conventional remittance services usually require.
Chief Representative of CUP Singapore Branch James Yang said, "This is one of the most innovative products that CUP has introduced in Southeast Asia since our representative office's incorporation in August 2006. I certainly look forward to deepening our partnership with OCBC in other areas."
(Xinhua News Agency March 12, 2008)
