Australia and New Zealand Banking Group (ANZ) has inked a memorandum of understanding (MoU) with China-based UnionPay International, to boost card payment opportunities for its customers across Asia Pacific.
Under terms of the MoU, ANZ China will issue UnionPay debit cards and allows UnionPay cardholders to access ANZ’s existing payment network in Australia, New Zealand and selected Asian countries.
ANZ Australia CEO and global retail head Philip Chronican said the partnership will allow customers to make payments as they travel and conduct business across the region.
It is expected that both firms will finalize the MoU’s terms into a commercial framework later in 2013.
UnionPay International operates as a subsidiary of UnionPay and its card network has expanded in 135 nations and regions.
ANZ has been trading in China since 1986 and is the only Australian bank to be licensed to offer full RMB services to its retail customers.