As part of the MoU, ANZ and UnionPay International have committed to enabling ANZ China to issue UnionPay debit cards and for ANZ's existing payment network in Australia, New Zealand and selected Asian countries to be opened up to UnionPay cardholders.
ANZ CEO Australia and Head of Global Retail Philip Chronican said: "As the first and only locally incorporated Australian bank in China, it makes sense for ANZ to partner with UnionPay International and make it easier for our customers to make payments as they travel and conduct business through the region."
"An important part of our super regional strategy is to support our retail customers' crossborder activities and with the increase in commerce, tourism and migration originating from China we look forward to a long-term relationship with UnionPay International that will benefit our customers," Mr Chronican said.
The ANZ-UnionPay International MoU sets out the areas of intended cooperation and is expected to be formalised into a commercial framework later in 2013. UnionPay International Co. Ltd is a subsidiary of China UnionPay. To date, the UnionPay card network has been extended to all cities and rural areas in China as well as 135 countries and regions.
ANZ has had a presence in China since 1986 and is the only Australian bank to be locally incorporated in China licensed to provide full RMB services to its retail customers. ANZ now has branches in Shanghai, Beijing, Guangzhou and Chongqing, a 100% ANZ-owned rural bank in Liangping County, an operations hub in Chengdu and strategic partnerships with Shanghai Rural Commercial Bank and Bank of Tianjin.