China UnionPay signs MOU with CTIT

Beijing (CNS) -- China UnionPay Co and China Trust and Investment Company (CTIT), two giant financial institutes headquartered respectively in Shanghai and Taiwan, have inked a memorandum of cooperation in Beijing on Thursday.

Both sides will hammer out a joint line of business for the credit card, online payment, cross-border remittances and so on.

CTIT has the largest number of ATMs in Taiwan with 3,950 units in 7-11s and 4,433 deposit & withdrawal ATMs in local branches. It has issued the largest number of credit cards of any bank in Taiwan.

Su Ning, chairman of UnionPay, said as Taiwan became a hot tourism destination for mainlanders, financial institutes across the straits are finding more business opportunities they can undertake together.

Xue Xiangchuan, vice chairman of CTIT, said they set up their first branch on the mainland in Shanghai on April 11, and UnionPay card holders are also their target clients. He hopes the two parties can work together to offer consumers seamless and reliable services.