Faysal Bank Limited Brings China UnionPay To Pakistan
Karachi: Faysal Bank Limited launched the first ever UnionPay Debit Card in Pakistan. The launch event took place in a leading hotel in Karachi and was attended by Naved A. Khan, President & CEO, Faysal Bank Limited and Larry Wang, President UnionPay International. The occasion was graced by Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan.
UnionPay is one of the fastest growing payments technology companies in the world. Its cards are accepted at over 1.7 million ATMs and 5 million POS terminals, in more than 125 countries. It has a card base of over 2.8 billion globally, which makes it one of the largest payment schemes in the world.
Faysal Bank is among the top 10 banks in Pakistan, with over 260 branches in more than 70 cities. With this card launch, Faysal Bank will not only be the first bank in the country but also in South Asia, Middle East and North Africa to issue UnionPay Cards. Furthermore, in order to facilitate and provide banking convenience to international UnionPay customers visiting Pakistan, Faysal Bank has also enabled its network of over 240 ATMs to accept all UnionPay cards.
On the occasion Mr. Naved A. Khan said, “I am extremely pleased that Pakistan is the first country in the region to issue UnionPay Cards, and Faysal Bank is the first bank in Pakistan to offer UnionPay services to its customers.” Talking about relations between Pakistan and China, Mr. Khan added, “Pakistan and China have a very strong relationship in terms of trade, development and services. I hope this partnership will pave way for other Chinese companies to invest in Pakistan, further strengthening our time-tested friendship. This milestone is in line with our mission of introducing innovative products in the market, and will provide further impetus to our aggressive growth plans”.
Mr. Larry Wang stated, “Pakistan and China have been enjoying positive diplomatic relations for over 60 years. This agreement will not only further strengthen those ties, but will also provide better support to the trader community that frequently travels internationally for business purposes, especially to China”.
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About Faysal Bank Limited
Faysal Bank Limited (FBL) was incorporated in Pakistan on October 3, 1994, as a public limited company under the Companies Ordinance, 1984. Currently, the Bank shares are listed on the Karachi, Lahore and Islamabad Stock Exchanges (FABL). Faysal Bank is engaged in Corporate, Commercial, Retail and Islamic Banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank’s long-term rating as ‘AA’ and short term rating as ‘A1 +’ with “Stable” outlook.
Following the acquisition of RBS Pakistan, FBL’s footprint has expanded to over 260 branches in more than 70 cities, with combined business assets of over PKR 290 billion, further strengthening its balance sheet and placing it amongst the top ten banks in Pakistan. Faysal Bank’s ambition is to provide par excellence service to its customers while meeting their financial needs.
Established in March 2002, UnionPay is a bankcard association established under the approval of the State Council and the People’s Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members. UnionPay has become the central and pivotal part of China’s bankcard industry, and plays an essential role in the industry development. As the bankcard association in China, UnionPay operates an inter-bank transaction settlement system through which the connection and switch between banking systems and the inter-bank, cross-region and cross-border usages of bankcards issued by associate banks could be realized.
Based on the system construction and operation as well as the bankcard network, UnionPay actively collaborates with various industrial parties like commercial banks in the efforts to formulate and extend united UnionPay card standards and regulations, create independent bankcard brand, promote the development and application of bankcard, maintain an orderly bankcard acceptance market and prevent bankcard risks.
Today UnionPay cards are accepted on 1.7 million ATMs and 4.5 million POS terminals in more than 125 countries around the world. Also UnionPay has become the largest payment scheme of the world with more than 2.8 billion Cards around the world.
Faysal Bank Limited