Singapore-based United Overseas Bank Limited (UOB) has signed a merchant acquiring license agreement with China UnionPay (CUP) to allow Chinese visitors and tourists to use their CUP credit and debit cards to make purchases in Singapore.

According to The Singapore Tourism Board, Chinese visitors represent the second largest group of foreign visitors to Singapore – more than a million Chinese tourists made their way to Singapore last year. In 2006, their expenditure exceeded S$1.1 billion, making them one of the highest spending travellers, surpassing the traditional markets.

This deal will not only allow more than 1.4 billion CUP cardmembers with a convenient mode of payment when visiting Singapore; it will also further elevate UOB’s position as a leading acquirer in Singapore as well as increasing UOB’s brand equity in China. (UOB)