Wednesday 28/05/2025

^{(From left) Gurdip Singh Sidhu, Chief Executive Officer, CIMB Malaysia and CIMB Bank Berhad, Daniel Cheong, Head of Consumer Banking Malaysia, CIMB, Jian Jiangtao, Managing Director, UnionPay International (SEA), Dong Junfeng, Chairman, China UnionPay and Larry Wang, Chief Executive Officer, UnionPay International at the MoU signing to expand UnionPay solutions to CIMB merchants.}


KUALA LUMPUR, May 28 (Bernama) -- UnionPay International (“UPI”) and CIMB Bank Berhad (“CIMB”) 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 e-commerce. As part of this partnership, UPI will also equip CIMB’s merchants with access to its proprietary security authentication service, thereby optimizing Malaysia's e-commerce and digital payment acceptance environment.

UPI was represented by Dong Junfeng, Chairman of China UnionPay & UnionPay International, Larry Wang, Chief Executive Officer of UnionPay International and Dr. Jian Jiangtao, Managing Director, UnionPay International (SEA), while Gurdip Singh Sidhu, Chief Executive Officer of CIMB Malaysia and CIMB Bank Berhad, and Daniel Cheong, Head of Consumer Banking Malaysia, CIMB represented CIMB.

Dong Junfeng, Chairman of UnionPay International, 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."

Gurdip said “This collaboration underscores CIMB’s commitment to enhancing payment solutions that enables our 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.”

In April 2025, China and Malaysia agreed to build a high-level strategic China-Malaysia community with a shared future, jointly committing to creating a robust framework for new productivity cooperation, and extending the visa exemption period for residents of the two countries. In order 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.

Malaysia is a model of payment interconnection and interoperability among countries including China, Indonesia, Thailand, Singapore, Vietnam, the Philippines, Cambodia and Laos. UnionPay actively improves its service capabilities for Malaysian residents in those countries. More than 10 million UnionPay cards have been issued in Malaysia, and 3 UnionPay powered e-wallets have been launched to promote interconnection and interoperability with local payment networks. UnionPay has become a payment brand favored by local residents for local consumption and cross-border travel to China.

About CIMB
CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM88.0 billion at 31 March 2025. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in ASEAN nations in Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam and Philippines.

Beyond ASEAN, the Group has market presence in China, Hong Kong and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 592 branches and over 33,000 employees as at 31 March 2025. CIMB’s investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group’s leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

About UnionPay
UnionPay International (UPI) is focused on the growth and support of UnionPay’s global business. Working with over 2,600 partners worldwide, UPI enables card acceptance in 183 countries and regions with issuance in 84 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

SOURCE: CIMB

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Anis Azharuddin / Kelvin Jude Muthu
Group Corporate Communications
CIMB Group Holdings Berhad
Email: anis.azharuddin@cimb.com / kelvinjude.muthu@cimb.com

--BERNAMA