Taiwanese Chinatrust wants to issue China UnionPay cards

UnionPay UnionPay cards may soon be issued by Taiwanese Chinatrust Commercial Bank Co. on both sides of the Taiwan Strait, as it was reported on Monday by Alex Chen, an executive vice president at the island’s largest credit-card issuer.

"We had talks, and that’s the plan, but it will require regulatory amendments," Chen said.

Chen’s announcement came on the sidelines of a ceremony held by China UnionPay Co., China’s largest electronic payments service provider, and Taiwan’s Joint Credit Information Center to launch the use of UnionPay cards in Taiwan. Between Friday and Sunday, mainland Chinese visitors to Taiwan spent around NT$15 million using UnionPay cards, UnionPay Chief Executive Xu Luo De told reporters.

The Joint Credit Information Center, which collects credit data on individuals and companies for its member banks, was approved by the local regulator as the first Taiwan organization that will be an acquiring institution for UnionPay cards.

Meantime, Chinatrust Commercial and Taishin International Bank Co. are also awaiting approval from the Financial Supervisory Commission to provide UnionPay acquiring services.

"We expect Chinese visitors to spend around NT$20 billion each year using UnionPay cards so that would be another source of fee income for us," Chinatrust’s Chen said.

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