Latest news with #UnionPay
Straits Times
3 days ago
- Straits Times
He emptied savings to buy $52k worth of gold bars, and handed them to a stranger
In a new variant of government official impersonation scams, victims have been asked to hand over physical cash or gold bars At least 80 cases of government official impersonation scams were reported in June 2025 alone, according to police figures. The 65-year-old withdrew all the money from his bank account on the evening of June 19. He went to two pawnshops and bought $52,700 worth of gold bars. Then, as instructed, he made his way to Pasir Ris MRT station and handed the gold over to a woman he had never met before. She took the package and walked away without a word, says Mr Sng, who declined to give his full name. When he returned home and told his wife what had happened, her reaction stunned him. 'That's a scam,' she said immediately. Mr Sng, a technician who retired about two weeks later in July, thought he was helping Monetary Authority of Singapore (MAS) officers with a criminal investigation. The scam began that June 19 afternoon. Mr Sng was at work when his phone rang. Speaking in English, the caller claimed to be from financial services firm UnionPay and said that Mr Sng had recently signed up for a new insurance plan. He was confused. He hadn't signed up for anything, he says, 'so I told him it must be a mistake'. The 'UnionPay staff' agreed to cancel the plan but added that Mr Sng's personal information might have been misused. Sounding concerned, the caller offered to refer Mr Sng to someone from MAS to help investigate the issue. That was when things took a turn. Over the three-hour phone call, two 'MAS officers' told Mr Sng that his personal particulars had been used to buy the insurance plan. These suspicious transactions, they said, could be tied to a money laundering operation. 'The officers explained (the situation to me) in a very calm, convincing way,' Mr Sng recalls. They gave him clear instructions to clear his name: Withdraw all the money from his bank account, convert it into gold bars, and hand them over for 'safekeeping'. Mr Sng complied. He had fallen prey to a new variant of government official impersonation scams. Stay alert to stay safe 10-second pause saved her from a scam: Read how this 32-year-old real estate agent almost transferred all the money in her bank account to a scammer. Beware of phishing scams when claiming SG60 vouchers: If someone asks you to transfer money or download third-party apps to claim the vouchers, it's likely a scam. Setting the trap At least 80 cases of government official impersonation scams were reported in June 2025 alone, according to the Singapore Police Force (SPF). Victims lost more than $6.7 million. In earlier versions of the scam, victims were asked to transfer money into 'safety bank accounts' for investigation purposes. But the scam has evolved. In the new variant, scammers would also impersonate service providers like insurance agents, and arrange for the physical collection of cash or gold bars from victims. '(These) scammers prey on our trust and tendency to comply with authority figures,' says Mr Jeffery Chin, deputy director of SPF's Scam Public Education Office. 'They undermine our ability to process the situation by evoking fear and a sense of urgency to resolve it.' In some cases, scammers trick victims into lowering their guard by 'presenting themselves as being sincere in wanting to help us resolve the situation', Mr Chin says. To appear even more credible, scammers may cite personal information they've obtained, such as full names or NRIC numbers. 'Do not automatically trust someone just because they have your personal information,' cautions Police Superintendent Matthew Choo, assistant director of the Scam Public Education Office, SPF. He advises the public to never hand over money or valuables to strangers, or leave them at a physical location for someone else to collect. 'I was in a daze,' says Mr Sng, thinking back to the moment he realised it was a scam. 'Why was I so gullible to believe (the scammers' story) about an MAS investigation? There was no greed involved, I (just) wanted to help.' He made a police report that night, and 'fortunately I did', Mr Sng says. The woman he had handed the gold bars to was caught at the Causeway the next day, just as she was attempting to leave Singapore. About a week later, Mr Sng was called in by the police to identify her. In a rare outcome for scam cases, his loss was recovered in full.
Korea Herald
4 days ago
- Business
- Korea Herald
UnionPay Launches Global Summer Campaign with Exclusive Travel Offers
Exclusive discounts, cashback, and exchange rate perks for international travelers SHANGHAI, July 18, 2025 /PRNewswire/ -- UnionPay International has officially launched its 2025 Global Summer Campaign, rolling out exclusive offers for international travelers as the global holiday season peaks. UnionPay cardholders can enjoy a wide range of summer privileges across more than 100,000 partner merchants in 25 popular destinations. Benefits include merchant discounts, favorable exchange rates, and bank-backed cashback, all of which are designed to enhance the shopping, dining, and travel experiences for global users. ( "Summer is when joyful memories are made, and we want UnionPay to be part of them," said Zhuang Bei, vice president of UnionPay International. "Whether you're shopping in Paris, dining in Tokyo, or exploring a theme park with family in Singapore, our global summer campaign makes every experience more affordable, smoother, and more memorable." This year's campaign reflects the strong rebound in global travel, with destinations across Asia and Europe seeing significant surges in popularity. Bookings to countries such as Japan, South Korea, Italy, France, and the United Kingdom have notably increased. In response, UnionPay has expanded its global merchant network, collaborating with retailers in 35 international airports and 60 major shopping districts to offer cardholders exclusive summer privileges. UnionPay has also partnered with the world's top duty-free groups, leading department stores, and outlet malls to offer exclusive discounts on global brands. Cardholders can also enjoy savings at over 3,500 local dining spots, cafés, and seafood markets, with instant deals available through platforms like Dianping and Uber Eats. For family travelers during the school holidays, UnionPay has introduced themed offers in collaboration with eight world-renowned attractions. At locations such as Resorts World Sentosa in Singapore and the Royal Caribbean Spectrum of the Seas cruise ship, UnionPay users can receive cashback or instant discounts when spending meets specified thresholds. Flight and transportation perks are also part of the campaign. UnionPay cardholders can enjoy exclusive offers when booking with international airlines such as Cathay Pacific, Singapore Airlines, Turkish Airlines, and Air China. Travelers can also access UnionPay discounts when topping up transit cards in Japan and Hong Kong SAR, or when making payments with J-Coin Pay in Japan and ZeroPay in Korea, with discounts of up to 10% available. In addition to boost global retail by delivering travel savings, UnionPay continues to provide favorable exchange rates to Chinese travelers across over 30 destinations, including Southeast Asia, Japan, South Korea, Europe, and the Middle East. Cardholders who enroll through the UnionPay App and meet spending thresholds are eligible for upgraded rates. Meanwhile, 16 partner banks in Chinese Mainland, including ICBC, ABC, BOC, CCB and CMB, are offering up to 12% UnionPay card cashback on cross-border transactions, driving foot traffic for global merchants. For inbound China, more than 40 international banks issue UnionPay SplendorPlus Card, tailoring exclusive cashback and promotions for spending within the tour in China. Now accepted in 183 countries and regions, with more than 73 million online and offline merchants and 1.7 million ATMs worldwide, UnionPay is strengthening its position as a preferred cross-border payment solution. With this global summer campaign, UnionPay International continues to deliver value, convenience, and reliability to travelers at every step of their journey.
Cision Canada
4 days ago
- Business
- Cision Canada
UnionPay Launches Global Summer Campaign with Exclusive Travel Offers
Exclusive discounts, cashback, and exchange rate perks for international travelers SHANGHAI, July 18, 2025 /CNW/ -- UnionPay International has officially launched its 2025 Global Summer Campaign, rolling out exclusive offers for international travelers as the global holiday season peaks. UnionPay cardholders can enjoy a wide range of summer privileges across more than 100,000 partner merchants in 25 popular destinations. Benefits include merchant discounts, favorable exchange rates, and bank-backed cashback, all of which are designed to enhance the shopping, dining, and travel experiences for global users. ( "Summer is when joyful memories are made, and we want UnionPay to be part of them," said Zhuang Bei, vice president of UnionPay International. "Whether you're shopping in Paris, dining in Tokyo, or exploring a theme park with family in Singapore, our global summer campaign makes every experience more affordable, smoother, and more memorable." This year's campaign reflects the strong rebound in global travel, with destinations across Asia and Europe seeing significant surges in popularity. Bookings to countries such as Japan, South Korea, Italy, France, and the United Kingdom have notably increased. In response, UnionPay has expanded its global merchant network, collaborating with retailers in 35 international airports and 60 major shopping districts to offer cardholders exclusive summer privileges. UnionPay has also partnered with the world's top duty-free groups, leading department stores, and outlet malls to offer exclusive discounts on global brands. Cardholders can also enjoy savings at over 3,500 local dining spots, cafés, and seafood markets, with instant deals available through platforms like Dianping and Uber Eats. For family travelers during the school holidays, UnionPay has introduced themed offers in collaboration with eight world-renowned attractions. At locations such as Resorts World Sentosa in Singapore and the Royal Caribbean Spectrum of the Seas cruise ship, UnionPay users can receive cashback or instant discounts when spending meets specified thresholds. Flight and transportation perks are also part of the campaign. UnionPay cardholders can enjoy exclusive offers when booking with international airlines such as Cathay Pacific, Singapore Airlines, Turkish Airlines, and Air China. Travelers can also access UnionPay discounts when topping up transit cards in Japan and Hong Kong SAR, or when making payments with J-Coin Pay in Japan and ZeroPay in Korea, with discounts of up to 10% available. In addition to boost global retail by delivering travel savings, UnionPay continues to provide favorable exchange rates to Chinese travelers across over 30 destinations, including Southeast Asia, Japan, South Korea, Europe, and the Middle East. Cardholders who enroll through the UnionPay App and meet spending thresholds are eligible for upgraded rates. Meanwhile, 16 partner banks in Chinese Mainland, including ICBC, ABC, BOC, CCB and CMB, are offering up to 12% UnionPay card cashback on cross-border transactions, driving foot traffic for global merchants. For inbound China, more than 40 international banks issue UnionPay SplendorPlus Card, tailoring exclusive cashback and promotions for spending within the tour in China. Now accepted in 183 countries and regions, with more than 73 million online and offline merchants and 1.7 million ATMs worldwide, UnionPay is strengthening its position as a preferred cross-border payment solution. With this global summer campaign, UnionPay International continues to deliver value, convenience, and reliability to travelers at every step of their journey.
Business Insider
4 days ago
- Business
- Business Insider
Africa emerges strategic 'testing ground' for China's currency ambitions
China's push to globalize its currency, the yuan, is gaining traction in Africa, with the continent emerging as a strategic testing ground for Beijing's broader de-dollarization ambitions. China is advancing the global use of its currency, the yuan, aiming for de-dollarization. The adoption of the yuan aligns with Africa's shifts towards non-Western financial systems. Africa serves as a strategic region for testing China's currency internationalization efforts. In a recent milestone, the central banks of China and Egypt signed a series of agreements to increase yuan use in bilateral trade and investment. The deals, signed during Chinese Premier Li Qiang's visit to Cairo last week, were praised by People's Bank of China governor Pan Gongsheng as ' a key step in advancing economic ties ' between the two countries. Key provisions include electronic payment cooperation such as expanding China's UnionPay system in Egypt, and enabling cross-border yuan-denominated transactions for banks operating in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone. These financial operations will be processed through the Cross-border Interbank Payment System (CIPS), China's alternative to the SWIFT network, thereby reducing reliance on Western financial systems. With this development, Egypt now joins a growing list of African nations, including South Africa, Nigeria, and Angola, that are actively incorporating the yuan into their trade and financial dealings with China. China's growing currency ambition in Africa The expansion of the yuan across Africa is part of China's broader strategy to challenge the dominance of the U.S. dollar. This move aligns with the continent's gradual shift away from Western financial systems toward a China-Russia-led coalition under BRICS, reflecting a strategic effort to diversify trade and currency frameworks. China-Africa trade reached $282 billion in 2023, cementing China's 15-year run as the continent's top trading partner. The surge has boosted renminbi use in cross-border deals and reserve holdings. Beyond Egypt, where the central banks recently signed agreements to deepen yuan usage in trade and investment, China has steadily advanced its currency diplomacy across Africa. As early as 2015, South Africa signed a 30 billion yuan swap deal to improve trade liquidity. The South African Reserve Bank (SARB) explained that the three-year agreement was designed to 'facilitate trade and investment' and serve as a 'buffer for short-term balance of payment pressures.' Earlier this year, Nigeria and China renewed their bilateral currency swap deal valued at 15 billion yuan (₦3.19 trillion), three years after the initial agreement expired. The People's Bank of China said the renewed three-year pact aims to ' promote bilateral trade and investment facilitation.' In Angola, a key oil supplier to China, the yuan is increasingly being used in energy and infrastructure transactions, with the Cross-Border Interbank Payment System (CIPS), China's alternative to SWIFT, being integrated into the financial system. Lauren Johnston, a senior research fellow at the AustChina Institute and China-Africa expert, told the South China Morning Post that Africa offers a strategic testbed for Beijing's currency goals. ' Africa is a continent where trade with China is important, but it is also one where many countries struggle to access sufficient foreign currencies such as the euro or US dollar, ' she noted. Johnston added, ''
South China Morning Post
6 days ago
- Business
- South China Morning Post
China looks to Africa as testing ground for global roll-out of yuan
China appears to be positioning Africa as a testing ground for internationalisation of the yuan as it seeks to expand the currency's global use and break the dominance of the US dollar. During a recent meeting in Cairo, the central banks of China and Egypt signed a series of agreements to promote the use of the yuan in trade and investment. These deals – lauded by People's Bank of China governor Pan Gongsheng as a key step in advancing economic ties – were signed last week during Chinese Premier Li Qiang's visit to Egypt. They will explore a currency swap as well as panda bonds in yuan issued by overseas companies in mainland markets. The deals also cover cooperation on electronic payments, including expanding China's UnionPay services and facilitating cross-border business in yuan for banks in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone near the city of Suez. That will be done via local currency settlements made through the Cross-border Interbank Payment System, or CIPS – China's alternative to the SWIFT international payment network. Deals signed last week include facilitating cross-border business in yuan for banks in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone near the city of Suez. Photo: Handout Egypt joins a growing list of African nations that have yuan-based deals with China, including South Africa, Nigeria and Angola which are all exploring or implementing the use of the Chinese currency for trade and financial transactions.
