Shi Wenchao, President of China UnionPay (3rd right), Cai Jianbo, CEO of UnionPay International (1st right), Tian Guoli, Chairman of Bank of China (4th right) and Xu Luode, Vice President of Bank of China (2nd left) attended the issuing ceremony; Duan Jielong, Chinese Ambassador to Hungary (3rd left) and Nagy Márton, Deputy Governor of the Central Bank of Hungary (4th left) were present

On January 23, local time, UnionPay International and Bank of China (Hungary) jointly issued dual currency UnionPay card. It is also the first RMB card that Bank of China has issued in Europe. Shi Wenchao, President of China UnionPay, Cai Jianbo, CEO of UnionPay International, Tian Guoli, Chairman of Bank of China and Xu Luode, Vice President of Bank of China attended the issuing ceremony. Duan Jielong, Chinese Ambassador to Hungary and Nagy Márton, Deputy Governor of the Central Bank of Hungary were present.

Previously, most of the cards issued by Chinese-funded banks in Europe are Euro cards. With the enhanced trade contacts between China and Europe as well as the internationalization of RMB, more and more European residents want to use RMB bankcards. The UnionPay card issued this time is a RMB Forint dual currency debit card, which can be used in the UnionPay network across 160 countries and regions. The card is designed mainly for business travelers, staff of Chinese-funded companies and exchange students whom frequently travel between China and Hungary. In the future, the two sides will issue dual currency UnionPay cards in Prague and Vienna.

Shi Wenchao said, the internationalization of RMB has made remarkable progress in markets along “One Belt and One Road” over the past few years. Hungary is the first European country that has signed the MOU for “One Belt and One Road” with China. The frequent personnel exchanges between China and Hungary bring strong demands for cross-border payment services. Against this background, we are taking full advantages of UnionPay RMB cards to promote the cross-border use of RMB, enlarge the RMB capital pool outside mainland China, and support RMB business of Central and Eastern Europe. Meanwhile, we are willing to reach cooperation with Bank of China in all aspects to promote the development of China’s financial products, services and brand in Europe, offering secure and convenient payment services for more customers.

Xu Luode said, BOC (Hungary) is the core of Bank of China’s business in Central and Eastern Europe. It is also the RMB Clearing Center in the region, supporting Hungary to become the center of offshore RMB in CEE. As the first commercial financial institution Bank of China has set in CEE and the RMB clearing bank in Hungary, BOC (Hungary) will continue to develop new products to be the bank with the best RMB card products and service in Hungary, so as to go on playing a key role in China-Hungary cooperation.

Duan Jielong offered his congratulations on the card issuance. He hopes that UnionPay International and Bank of China can seize the opportunities brought by the implementation of “One Belt and One Road” strategy and the internationalization of RMB to play a pioneering role in the offshore RMB markets in CEE.

On the same day, UnionPay International and Bank of China also inked a MOU, reaching a consensus on the issuing and promoting UnionPay cards, as well as enhancing the brand influence of UnionPay. Currently, UnionPay cards have been accepted in 11 of the 16 Central and Eastern European countries. Over 50% of POS terminals and about 50% of ATMs in Hungary accept UnionPay cards. In 2016, the transaction volume of UnionPay cards in CEE countries grew by more than 40%.