BUSINESS Bank of China launches cross-border UnionPay QR Code payment service in Malaysia

BUSINESS

Bank of China launches cross-border UnionPay QR Code payment service in Malaysia

Xinhua

20:56, July 09, 2020

KUALA LUMPUR, July 9 (Xinhua) -- Bank of China launched the cross-border UnionPay QR Code payment service Thursday in Malaysia to build a more convenient and seamless solution for local customers to perform cross-border payment.

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File photo: CGTN

One of the highlight of this service, the first among local financial institutions, is to support Bank of China Malaysia's customers in enjoying seamless payment via QR code on their Bank of China Mobile Banking app within China, Malaysia, Singapore, South Korea, Britain, the United States, Canada, among others, according to the bank.

As of now, UnionPay QR Code payment are widely accepted around the world, with a high frequency transaction from hotels, transportation, dining, shopping and tourism.

Koh Tak Ming, general manager of Personal Digital Banking Department of Bank of China Malaysia, said the new service will help solve longstanding problem of accessing to local mobile payment platform faced by local customers when they travel overseas.

He also pointed out that this payment innovation is also a useful opportunity to Bank of China as it is the only RMB clearing bank in Malaysia. UnionPay QR Code payment supports payment made in Malaysian ringgit or China's currency RMB.

As an acknowledgement on Malaysia's favorable business environment, Bank of China Group continues to use Malaysia as a pioneer and pilot area in the ASEAN region in the context of regional operations. Through prioritizing the allocation of resources and actively expanding its digital banking transformation, the Group aims to focus on Malaysia and enhance the surrounding regions, as well as the strong development and improvement of business in the ASEAN region, he said.

Bank of China Malaysia will continue to strengthen the digital development of products and services in light of the development trend and the "new normal" lifestyle under the pandemic situation, he added. 

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