17 Jan '11, 2pm

MasterCard to tie-up with China UnionPay: That will further boost what Ling called China UnionPay's 1.4 billion

BEIJING - MASTERCARD Worldwide's partnership with China UnionPay, the country's lone bank card transaction processor, will help it become a player in China's 3 trillion yuan (S$586 billion) personal consumption market in five to 10 years, the head of MasterCard in China said on Monday. The card payment market will grow at least 15 per cent over the next 10 years, Ling Hai, MasterCard's president for the Greater China region, said in an interview. That will further boost what Ling called China UnionPay's 1.4 billion debit cards in circulation in China, an enormous business opportunity of which MasterCard hopes for 'a bigger chunk', he said. Of the 3 trillion yuan, 'China UnionPay processed one-third of that. There's another two-thirds that's cash,' Mr Ling said. 'So I've got opportunities on two fronts. One, the penetration of electronic payment is still low. Cash is still ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

Tweets

China's development loans beat World Bank: BEIJ...

channelnewsasia.com 18 Jan '11, 3am

BEIJING: China has lent more money to other developing countries in the past two years than the World Bank has -- a sign o...

Trade between Britain and China could be improved

channelnewsasia.com 17 Jan '11, 2pm

HONG KONG : British Foreign Secretary William Hague said on Monday that trade between Britain and China could be improved....

China to allow firms to invest yuan abroad

straitstimes.com 16 Jan '11, 12am

BEIJING - THE Chinese central bank on Thursday unveiled rules allowing domestic firms to use yuan for direct investment ov...

China has lent more money to developing nations...

straitstimes.com 18 Jan '11, 3am

A bank teller counts stacks of US dollars and Chinese 100-yuan notes at a bank in Hefei, east China's Anhui province. Chin...

Beijing's Olympic basketball stadium renamed MasterCard Center

Beijing's Olympic basketball stadium renamed Ma...

straitstimes.com 23 Jan '11, 2am

Under a five-year deal, MasterCard acquired earlier this month the right to put its name on the 18,000-seat Wukesong Arena...

Nokia in maps tie-up with China's Sina, Tencent...

straitstimes.com 28 Jan '11, 10am

BEIJING - NOKIA on Friday announced a deal with Chinese Internet firms Sina and Tencent to let phone users upload their lo...

Oil mixed in Asia after slump in China stocks

channelnewsasia.com 18 Jan '11, 3am

SINGAPORE: Oil was mixed in Asian trade Tuesday with sentiment weighed down by a slump in Chinese stocks, analysts said. N...

Export growth slows: Electronic NODX to the US ...

todayonline.com 17 Jan '11, 11pm

SINGAPORE - Non-oil domestic exports (NODX) in Singapore grew at a slower pace of 9.4 per cent year-on-year in December, f...

About 2.556 billion passenger trips are expecte...

straitstimes.com 19 Jan '11, 5am

Passengers queue up to board a train at a railway station. -- PHOTO: AFP SHANGHAI - THE world's biggest annual migration o...