Post by Sapphire Capital on Jan 14, 2010 4:10:42 GMT 4
Standard Chartered is opening the banking gates for Chinese working in Kenia:
Chinese businessmen and tourists in Kenya will now be able to access their funds through the Standard Chartered Bank.
China UnionPay card holders will be able to withdraw cash in the local currency of 20 countries where Standard Chartered Bank has a presence, with the amount debited to their Chinese Renminbi – the Chinese currency- account.
The partnership between China UnionPay and Standard Chartered comes at a time when Sino-Africa trade and investments on the continent – estimated at over US$80billion in 2009- are set to gain traction as the global economy recovers.
Strategic cooperation
“We are very excited about our partnership with China Unionpay. We see the China-Africa relationship as a mutually-beneficial economic partnership,” says Kariuki Ngari, head of consumer banking at Standard Chartered Bank.
Standard Chartered’s strategic co-operation with China Unionpay will provide enhanced payment convenience to all China Unionpay cardholders traveling in Africa.
Besides Kenya, the new service is also available in Zambia, Gambia, Uganda and Botswana and will be rolled out in other African markets later in 2010.
China UnionPay is China’s only domestic credit card organisation and inter bank network in mainland China, linking the ATMs of all major state banks and many smaller commercial banks throughout mainland China.
By the end of 2008, 196 China UnionPay domestic member banks issued more than 1.8 billion cards.
China UnionPay’s partnership brings to two the number of partnerships the card provider now has in Africa, after the firm signed a similar agreement with South African bank Standard Bank in April last year.
Sino-Africa ties are growing in the aftermath of the global economic crisis with African economies changing tack to identify new sources of funding in the East while seeking to do more business with Asia.
In the growing trade between Africa and the East, the top dog in the ascending duo of India and China has been the latter, becoming Africa’s third largest trading partner.
Chinese interest in Africa since the turn of the century has been unprecedented as the Asian giant looks to Africa to secure vital resources and access the continent’s vast and untapped market.
Banks have been keen to leverage on the growing trade ties between Africa and the Far East.
Chinese businessmen and tourists in Kenya will now be able to access their funds through the Standard Chartered Bank.
China UnionPay card holders will be able to withdraw cash in the local currency of 20 countries where Standard Chartered Bank has a presence, with the amount debited to their Chinese Renminbi – the Chinese currency- account.
The partnership between China UnionPay and Standard Chartered comes at a time when Sino-Africa trade and investments on the continent – estimated at over US$80billion in 2009- are set to gain traction as the global economy recovers.
Strategic cooperation
“We are very excited about our partnership with China Unionpay. We see the China-Africa relationship as a mutually-beneficial economic partnership,” says Kariuki Ngari, head of consumer banking at Standard Chartered Bank.
Standard Chartered’s strategic co-operation with China Unionpay will provide enhanced payment convenience to all China Unionpay cardholders traveling in Africa.
Besides Kenya, the new service is also available in Zambia, Gambia, Uganda and Botswana and will be rolled out in other African markets later in 2010.
China UnionPay is China’s only domestic credit card organisation and inter bank network in mainland China, linking the ATMs of all major state banks and many smaller commercial banks throughout mainland China.
By the end of 2008, 196 China UnionPay domestic member banks issued more than 1.8 billion cards.
China UnionPay’s partnership brings to two the number of partnerships the card provider now has in Africa, after the firm signed a similar agreement with South African bank Standard Bank in April last year.
Sino-Africa ties are growing in the aftermath of the global economic crisis with African economies changing tack to identify new sources of funding in the East while seeking to do more business with Asia.
In the growing trade between Africa and the East, the top dog in the ascending duo of India and China has been the latter, becoming Africa’s third largest trading partner.
Chinese interest in Africa since the turn of the century has been unprecedented as the Asian giant looks to Africa to secure vital resources and access the continent’s vast and untapped market.
Banks have been keen to leverage on the growing trade ties between Africa and the Far East.