DBS BECOMES FIRST BANK IN SINGAPORE TO OFFER
FULL SUITE OF REGIONAL CHINA UNIONPAY CARD PRODUCTS AND SERVICES

***

Singapore's largest department store, Takashimaya,
first DBS merchant to accept CUP cards

 

SINGAPORE, 1 September 2008 - DBS Bank Ltd (DBS) and China Unionpay (CUP) signed a Memorandum of Understanding (MOU) today that expands existing partnerships made in Singapore and Hong Kong for retail banking offerings. The MOU paves the way for global partnerships between DBS and CUP, and reinforces DBS' regional focus and commitment to develop its retail banking business in Asia. Signing the MOU were Mr Rajan Raju, Managing Director and Head of Consumer Banking Group, DBS and Mr Cai Jianbo, First Executive Vice President, CUP.

With this strategic alliance, DBS can now offer the full suite of CUP card products and related services in markets it operates in, including China and Indonesia. This covers debit and credit card issuance, CUP card acceptance at DBS point-of-sales (POS) terminals, and CUP card acceptance for cash withdrawal at all DBS' ATMs regionally. At present, CUP cardholders already enjoy the convenience of cash withdrawal at more than 950 DBS ATMs in Singapore and Hong Kong through an initiative launched last April.

CUP cards are also accepted at DBS POS terminals in Macau and Hong Kong, and the inclusion of Singapore for this service will undoubtedly be useful for the growing number of PRC Chinese both visiting and residing in Singapore.

"Our efforts are geared towards providing more value and convenience to customers of both CUP and DBS. The signing of this MOU underscores DBS' commitment to strengthen our product and service offerings to PRC Chinese both at home and away. It reinforces our focus in Asia, especially Greater China, and leverages on our existing regional networks. We are delighted with how this MOU also cements DBS' regional partnership with CUP", said Mr Raju.

To date, there are more than 1.6 billion CUP cards in circulation. According to statistics from the Singapore Tourism Board, more than 850,000 Chinese tourists visited Singapore in 2005, and that number grew 29 per cent to 1.1 million last year. Their total spending increased by almost 50 per cent over the same period to SGD 934 million last year. The average number of cash withdrawals at the ATMs per month also went up from 2,900 last year to 5,500^* this year. In mone tary terms, a monthly average amount of
SGD 1.2 million was withdrawn at the DBS ATMs last year compared to a monthly average of SGD 2.4 million in the first six months of this year.

"Through this collaboration with DBS, a bank firmly committed to Asia, shopping and dining will now be much more convenient for Chinese tourists, as well as the growing number of Chinese expatriates and students residing here. CUP is pleased to deepen our relationship with DBS and looks forward to expanding this partnership in the region", said Mr Cai.

Kicking off the DBS' CUP merchant card acceptance programme here is Singapore's largest department store, Takashimaya Department Store. Over the past few years, Takashimaya has been witnessing a steady increase in the number of PRC Chinese tourists at its shops." Takashimaya Department Store is very proud and thankful to be the first DBS merchant to embark on this joint venture with CUP. With the acceptance of CUP cards at our department store, we hope to extend a gracious welcome to our ever-growing base of friends and customers from China to our store", said Mr H.Yamamoto, Senior Division Manager, Corporate Planning/A&P, Takashimaya Singapore Ltd.

* based on DBS' ATM statistics

 

About DBS
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS is the largest bank in the country as measured by assets, and a leading bank in Hong Kong. DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region.

As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expand its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.

DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.