Faysal Bank brings China UnionPay to Pakistan

SHANGHAI: Faysal Bank Limited signed an agreement with China UnionPay for card issuance and acquiring in Pakistan.

The signing ceremony took place in Shanghai and was attended by Naved A. Khan, President and CEO, Faysal Bank Limited and Cai Jianbo, First Executive Vice President, UnionPay.

UnionPay is one of the fastest growing payments technology companies in the world. Its cards are accepted on 1.5 million ATMs and 4.5 million POS terminals, in more than 126 countries. It has a card base of more than 2.8 billion globally, which makes it one of the largest payment schemes in the world.

Faysal Bank is among the top 10 banks in Pakistan, with over 250 branch footprint in more than 60 cities. After signing this landmark agreement, Faysal Bank will not only be the first bank in the country but also in the Middle East North Africa (MENA region to issue UnionPay cards which will open new avenues and opportunities for its customers to conduct their day to day transactions. Faysal Bank plans to offer UnionPay services to the Pakistan Market in 2012.

On this occasion, Mr. Cai Jianbo said, “Pakistan and China have been enjoying good diplomatic relations for over 60 years. This agreement will not only further strengthen those relations, but will also provide better support to the trader community that frequently travels internationally for business purposes, especially to China”.

Naved A. Khan added, “I am very excited that Pakistan will be the first country in the MENA region to issue UnionPay cards, and Faysal Bank will be the first bank in Pakistan to offer UnionPay services to its customers. This initiative is in line with our mission of introducing innovative products in the market, and it will provide further impetus to our aggressive growth plans. I hope this partnership will pave the way for other Chinese companies to invest in Pakistan, further strengthening our time-tested friendship with China.”

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