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Ref No: 04/2007 DBS' expansive ATM network * * * Collaboration underscores DBS' focus on China's retail banking market
SINGAPORE, 20 April 2007 - DBS Bank Ltd (DBS) and China Unionpay (CUP) today jointly announced the launch of an ATM service that allows CUP cardholders to withdraw funds from their home-based bank accounts via more than 880 DBS ATMs. In addition, they can check their account balance, an added convenience that is a first in Singapore for the Chinese nationals. This strategic collaboration extends the existing CUP - DBS Hong Kong partnership into a regional level, and further reinforces DBS' regional focus and commitment to develop its retail banking business in China. Last December, DBS was among the first nine foreign banks to receive approval from the China Banking Regulatory Commission (CBRC) to prepare for local incorporation in China. DBS is the only Singapore bank among nine foreign banks to receive this approval. DBS also obtained the approval from CBRC to provide time deposits of at least RMB 1 million (SGD 196,000) to the local Chinese at its Beijing, Shanghai and Shenzhen branches. Said Mr Edmund Koh, Managing Director and Head of Regional Consumer Banking, DBS, "China is an integral part of DBS' blueprint to be a premier bank in Asia, and we want to be a significant player. With liberalised banking laws in China, DBS will soon be able to offer a full suite of banking products and services in RMB and foreign currencies to the local Chinese. In fact, plans are already in the pipeline to grow our market share through this strategic alliance with CUP. Such a partnership is vital for any bank serious about growing their retail business in China as CUP is the dominant industry player there. "DBS partners only the most dynamic organisations with an appetite for growth like our own. Since its inauguration in March 2002, CUP has moved into 25 countries where its cards are accepted at POS terminals. Together, we want to provide complete banking solutions on a regional level for all our customers." In August 2005, DBS Hong Kong first joined hands with CUP to launch an ATM card that provides Hong Kong customers global convenience in cash management. As an integrated ATM and debit card, customers have worldwide access to four major payment networks - CUP, JETCO, PLUS and EPS, enabling them to pay for purchases and withdraw cash from ATMs. DBS' CUP point-of-sales (POS) terminal acquisition in Macau has seen good growth, tripling DBS' Macau CUP merchant sales volume in 2006 from a year before. To date, there are more than 1.2 billion CUP cardholders. In Singapore, according to statistics from the Singapore Tourism Board, more than 1.03 million Chinese tourists visited Singapore in 2006, with total spending in excess of SGD 1 billion. With access to DBS' network of more than 880 ATMs, these Chinese tourists can look forward to enjoying greater convenience when making cash withdrawals in Singapore. "Chinese visitors to Singapore will continue to increase -
it has grown by an annual average of 16% between 1995 and 2005.
There are also more and more students making their way here to pursue
their studies as Singapore positions itself as a regional education
hub. More Chinese expatriates will also be making their way here
to work and live. It is a necessity to make banking more convenient
for all of them, which is why we are very pleased to be collaborating
with Singapore's largest bank, DBS, on this. The convenience offered
by DBS' expansive network of more than 880 ATMs is of great advantage
to our customers", said Mr Chai Hong Feng, Executive Vice President
and Director of CUP. About DBS About CUP
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