CIMB and UnionPay International have entered into a strategic partnership to strengthen Malaysia’s digital payment ecosystem and expand the latter’s acceptance across the country. Through a newly signed memorandum of understanding (MOU), the collaboration will equip the bank‘s network of merchants with UnionPay’s proprietary security authentication services, aimed at enhancing transaction safety and convenience.
According to CIMB, the initiative is targeted at high-frequency sectors such as retail, transportation, medical care, and e-commerce. This new collaboration will further expand UnionPay’s access among the bank’s merchants, including at fuel stations, toll booths, hospitals, ticket counters, vending machines and shopping mall parking facilities.
For the uninitiated, UnionPay has operated in Malaysia for over 20 years, with more than 10 million cards issued locally and three supported e-wallets launched to promote integration with local payment systems. By deepening its reach, the partnership is expected to improve payment experiences for both local consumers and international travellers, particularly those engaging in cross-border trade between ASEAN and China.
CIMB CEO Gurdip Singh Sidhu said the partnership reflects the bank’s commitment to developing secure, efficient payment solutions with wider global coverage. Meanwhile, UnionPay chairman Dong Junfeng added that Malaysia continues to play a vital role in regional payment innovation and that the partnership supports seamless cross-border commerce.
(Source: CIMB press release)
