DBS Bank (Singapore) and China Unionpay have jointly launched an ATM service that allows CUP cardholders to withdraw funds and to check balances via more than 880 DBS ATMs. This strategic collaboration extends the existing CUP – DBS Hong Kong partnership into a regional level, and further reinforces DBS’ regional focus and commitment to develop its retail banking business in China.

According to statistics from the Singapore Tourism Board, more than 1.03 million Chinese tourists visited Singapore in 2006, with total spending in excess of SGD 1 billion. With access to DBS’ ATM network, these Chinese tourists can look forward to enjoying greater convenience when making cash withdrawals in Singapore.

In August 2005, DBS Hong Kong first joined hands with CUP to launch an ATM card that provides Hong Kong customers global convenience in cash management. As an integrated ATM and debit card, customers have worldwide access to four major payment networks – CUP, JETCO, PLUS and EPS, enabling them to pay for purchases and withdraw cash from ATMs. DBS’ CUP point-of-sales (POS) terminal acquisition in Macau has seen good growth, tripling DBS’ Macau CUP merchant sales volume in 2006 from a year before.

Last December, DBS was among the first nine foreign banks to receive approval from the China Banking Regulatory Commission (CBRC) to prepare for local incorporation in China. DBS is the only Singapore bank among nine foreign banks to receive this approval. DBS also obtained the approval from CBRC to provide time deposits of at least RMB 1 million (SGD 196,000) to the local Chinese at its Beijing, Shanghai and Shenzhen branches.

DBS Bank