China CITIC bank and MasterCard Sign MOU for Strategic Cooperation in the Virtual Payments Space
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NEW YORK--(BUSINESS WIRE)-- China CITIC Bank and MasterCard have signed a Memorandum of Understanding (MOU) for strategic cooperation in the virtual payments space within and outside China. The two parties aim to jointly develop and promote innovative products and services including Quick Response" (QR) code services, and collaborate to provide a safe and efficient payment experience for domestic and overseas cardholders and merchants.
As world-leading corporations actively involved in China's payments industry, China CITIC Bank and MasterCard will leverage their core competencies and cooperate on innovations including virtual card payment technology, product development, acceptance and risk management. This alliance will enhance consumers' e-commerce experience and provide new and innovative payment services to domestic and overseas China CITIC Bank cardholders. Tim Murphy, Chief Product Officer of MasterCard, and Zhu Xianghuang, President of China CITIC Bank attended the signing ceremony of this MOU.
"We have built a valuable partnership with China CITIC Bank's Credit Card Center and have successfully launched a variety of credit cards together. MasterCard will leverage our global network and expertise to help drive further development and innovation in the Chinese electronic payments industry. This will be another opportunity for us to further build on our vision of a world beyond cash," said Tim Murphy.
This collaboration with MasterCard in the virtual payments space is yet another important step for China CITIC Bank. MasterCard and China CITIC Bank have already built a distinguished partnership in product development, cross-border settlements, innovative product campaigns and other related areas. In the near future, as the electronic payments sector matures, both parties will bring this collaboration to a new level.
Internet Banking is one of China CITIC Bank's key strategic areas - the bank aims to seize opportunities in the rising online financial product sector, particularly in the areas of e-commerce, mobile payments and online mortgages. To further improve its customer's experience in the virtual payments space, China CITIC Bank is looking to create a diversified electronic payments tool to achieve its goal of a 'new Online China CITIC Bank'.
In addition, China CITIC Bank is planning to develop its channel strategy as it recognizes this is essential to respond to future competition. The bank will extend its branch networks and enhance its electronic capability to lower costs, and increase convenience for its customers. China CITIC Bank has also established its online banking department to strengthen its relationships with e-commerce enterprises. In line with its vision of a 'new Online China CITIC Bank' and in order to tap the growth in online purchases of financial products and e-commerce platforms, the bank will explore more partnerships with payments companies and telcos to develop more innovative online banking products and enhance the quality of online banking services.
"International operations" is also another key focus of China CITIC Bank. This collaboration with MasterCard, a technology company in the global payments industry, will build a solid foundation for China CITIC Bank to become China's global bank card, expanding its footprint worldwide, driving cross-border settlements and improving the cardholder shopping experience outside of China.
About China CITIC Bank
Founded in 1987, China CITIC Bank (601998.SH; 0998.HK), formerly known as CITIC Industrial Bank, is one of the earliest emerging commercial banks established during China's reform and opening up and among China's first commercial banks engaging in financing in domestic and international financial markets. It is famous home and abroad for creating numerous number ones in Chinese contemporary financial history. With the rapid development of China's economy, CITIC Industrial Bank got a consistent growth in the tide of China's financial market reform, and had its name officially changed to China CITIC Bank in August 2005. In December 2006, China CITIC Bank Corporation Limited was set up with CITIC Group and CITIC International Financial Holdings Limited (CIFH) as shareholders. The year 2006 also witnessed China CITIC Bank's introduction of a strategic investor -- Banco Bilbao Vizcaya Argentaria S.A. (BBVA), a leading bank in Europe, and established a reciprocal and complementary strategic cooperation relationship. On 27 April 2007, China CITIC Bank was successfully listed on both Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. In 2009, China CITIC Bank successfully accomplished its acquisition of the 70.32% equity interest in CIFH. Over the past two decades, China CITIC Bank has grown to be one of the domestic commercial banks with strong capital base and become a fast growing national commercial bank with great comprehensive competitive edge.
MasterCard (NYS: MA) , www.mastercard.com,is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
KEYWORDS: United States Asia Pacific North America China New York
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