UPI-CIMB tie-up to improve payment services in M'sia
From left: CIMB Malaysia and CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, CIMB head of consumer banking Malaysia Daniel Cheong, UnionPay International (SEA) managing director Jian Jiangtao China UnionPay chairman Dong Junfeng and UnionPay International chief executive officer Larry Wang.
PETALING JAYA: UnionPay International (UPI) and CIMB Bank Bhd have entered into a memorandum of understanding (MoU) to improve payment services in Malaysia.
This strategic collaboration will enhance the payment experience for UnionPay cardholders, particularly in high-frequency sectors such as retail, transportation, medical care, and eCommerce.
As part of this partnership, UPI will also equip CIMB's merchants with access to its proprietary security authentication service, thereby optimising Malaysia's eCommerce and digital payment acceptance environment.
Dong Junfeng, chairman of UPI, said UnionPay has been operating in Malaysia for over 20 years.
'This collaboration with CIMB represents an important step in advancing UnionPay's payment network in Malaysia through inclusive, secure, and interconnected financial infrastructure.
'Malaysia continues to be a vital hub for regional payment innovation, and we are proud to deepen our cooperation to support seamless, cross-border commerce and digital transformation.
'Together, we aim to deliver greater convenience and trust to consumers and businesses across the region.'
CIMB Malaysia and CIMB Bank chief executive officer Gurdip Singh Sidhu said the collaboration underscored the bank's commitment to enhancing payment solutions that enables its network of customers greater convenience and growth opportunities.
'The partnership with UPI allows for greater Asean – China as well as global solutions coverage, providing customers with enhanced access and security, especially during cross-border travel and trade.'
To better serve the bilateral personnel exchanges, UnionPay continues to expand its payment acceptance environment in Malaysia, with over 90% of local merchants accepting UnionPay cards.
The partnership will further expand and deepen the access of UnionPay solutions among CIMB merchants including selected gas stations, transportation ticket counters, major hospitals highway toll stations, vending machines, shopping mall parking systems, and other key payment merchants, effectively improving UnionPay's acceptance and customer experience.
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