Latest news with #GurdipSinghSidhu
The Star
2 days ago
- Business
- The Star
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.
The Star
3 days ago
- Business
- The Star
CIMB Bank partners with UnionPay to enhance payment services in Malaysia
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. KUALA LUMPUR: CIMB Bank Bhd has signed a memorandum of understanding (MoU) with UnionPay International (UPI) to enhance payment services in Malaysia. In a statement today, CIMB said the collaboration aims to improve the payment experience for UnionPay cardholders, particularly in high-frequency sectors such as retail, transportation, medical care, and e-commerce. The bank said that UPI will also equip CIMB's merchants with access to its proprietary security authentication service, thereby optimising Malaysia's e-commerce and digital payment acceptance environment. CIMB chief executive officer Gurdip Singh Sidhu said the collaboration underscores the bank's commitment to advancing payment solutions that provide customers with greater convenience and growth opportunities. "The partnership with UPI enables broader ASEAN-China and global solutions coverage, providing customers with improved access and security, especially during cross-border travel and trade," he added. - Bernama
BusinessToday
3 days ago
- Business
- BusinessToday
UnionPay Solutions to Reach More CIMB Merchants in Strategic Partnership
UnionPay International (UPI) and CIMB Bank Berhad (CIMB) have formalised a partnership to advance Malaysia's digital payments landscape. Under a newly signed MoU, UnionPay solutions will become more widely available to CIMB merchants, particularly in frequently used sectors, including retail, transportation, and healthcare. As part of the collaboration, UPI will provide CIMB's merchants with access to its proprietary security authentication service. This initiative is expected to optimise Malaysia's e-commerce and digital payment acceptance environment, making transactions safer and more efficient for consumers and businesses alike. Representing UnionPay International were Dong Junfeng, Chairman of China UnionPay and UnionPay International; Larry Wang, Chief Executive Officer of UnionPay International; and Dr Jian Jiangtao, Managing Director of UnionPay International (SEA). CIMB was represented by Gurdip Singh Sidhu, Chief Executive Officer of CIMB Malaysia and CIMB Bank Berhad, alongside Daniel Cheong, Head of Consumer Banking Malaysia, CIMB. Dong Junfeng highlighted the significance of the partnership, stating, 'UnionPay has been operating in Malaysia for over 20 years. This collaboration with CIMB marks an important step in advancing UnionPay's payment network in Malaysia through inclusive, secure, and interconnected financial infrastructure. Malaysia remains 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.' Gurdip Singh Sidhu added, 'This partnership highlights CIMB's focus on advancing payment solutions that bring greater convenience and growth potential for our customers. It also strengthens our ASEAN–China and global connectivity, which is especially valuable for cross-border travel and trade.' This development follows the recent agreement between China and Malaysia to deepen bilateral relations. In April 2025, the two nations committed to building a strategic China–Malaysia community with a shared future, including initiatives to ease visa requirements and promote productivity cooperation. In line with this, UnionPay is continuing to expand its payment acceptance network across Malaysia, where over 90% of local merchants now accept UnionPay cards. This collaboration will further extend UnionPay's reach 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 points. The move will enhance UnionPay's acceptance and improve the overall customer experience. Related
