China CITIC bank and MasterCard Sign MOU for Strategic Cooperation in the
Virtual Payments Space
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NEW YORK -- April 17, 2013
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 (NYSE: MA), www.mastercard.com, is a technology company in the
global payments industry. We operatethe 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
Huanyu Wu, (86-10) 8519 9304
Coco Ji, (86-10) 8569-9959
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