Cebuana Lhuillier Rural Bank, UnionPay launch debit card for financially underserved
The launch is also significant as Cebuana Lhuillier Rural Bank is the first bank under the UnionPay and BancNet collaboration. Back in 2017, UnionPay reached a chip card standard licensing cooperation with Asian Payment Network where BancNet – the only ATM switch network in The Philippines - was one of the participating local switch providers. Jianbo Cai, President of CUP and Chairman of UPI said “Consumers have greater needs for secure and convenient payment services since COVID-19 broke out. This collaboration in card issuance stemmed from cooperation on technical specifications between UnionPay and regional partners, highlighting a new means for UnionPay’s business development in local markets. With its technological strength and experience in areas including block chain, intelligent risk management and big data analytics, UnionPay is willing to expand the scope of cooperation and help facilitate the digital transformation of Cebuana Lhuillier, providing better service to users in support of financial inclusion in the Philippines.” “We are pleased to partner with UnionPay, a leading global payment brand, to launch the Cebuana Lhuillier 24K card. With their extensive network and state-of-the-art payment technologies, we believe that consumers in the Philippines will benefit greatly from the ease and convenience of payments enabled by the debit card, this will, in turn, facilitate financial mobility for many Filipinos and overall, enhance their payment experience moving forward,” said Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier.
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