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ACLEDA Bank Plc. and UnionPay International Expand Longstanding Partnership, Cooperate on Contactless Debit Card with Travel Mate.Asia Program

July 16, 2019

July 16, 2019, Phnom Penh, UnionPay International (UnionPay), a leading global payments network, announced today that it is expanding its partnership with ACLEDA Bank Plc. (ACLEDA) for a contactless debit cards with the Travel Mate.Asia Program. With this contactless debit card, ACLEDA further enhances its extensive product line to offer its customers more preferential services.

Through this expanded collaboration with UnionPay, ACLEDA will expand its existing range of card products and payment services to offer its customers even more choice for convenient and safe payment methods, and to provide more preferential payment services, more benefits, and more exclusive offers for daily purchases and international travel.

Significant and continued growth of business travel within Southeast Asia and across greater Asia is driving travelers' demand for more from their debit and credit card products. Customers want more exclusive offers, discounts for select attractions in Asia, transportation benefits, access to WIFI services, and hotel, dining, and shopping privileges. Travel Mate.Asia is designed to provide these special offers and privileges for both residents and visitors to Asia. Much of this growth in business travel is generated in Cambodia, where development of its economy has accelerated, which is driving strong demand for new card products designed with the business traveler in mind.

With a large base of business customers, particularly trade finance customers, ACLEDA responded to the increased demand for a card that caters to their unique payment service needs. With the contactless debit card powered through Travel Mate.Asia Program, ACLEDA, which is one of existing seven banks that issue UnionPay card products in Cambodia, will help further the localization of UnionPay in Cambodia and raise the standard of card payment options available to the market.

In Cambodia, UnionPay cards are used at over 80 percent of the ATMs and 90 percent of the POS terminals nationwide. Market penetration continues to expand and more customers are adopting UnionPay as their card of choice, which shows that UnionPay is an important payment method for Cambodians. In partnership with more than 2,000 institutions worldwide, UnionPay has enabled card acceptance in 174 countries and regions, with global card issuance reaching over 7.5 billion cards.

"UnionPay values its relationship with ACLEDA, and we see them as an important partner to grow our business in Cambodia. We are excited to expand our partnership to offer more relevant products for customers, as the Cambodian market continues to demonstrate its strong and consistent growth trajectory.” Said Wenhui Yang, UPI General Manager for Southeast Asia. “The market in Cambodia is responding very well to UnionPay products, and we believe we have also established trust and confidence with Cambodians for payment services. UnionPay is pleased to serve this exciting market."

"For more than eight years UnionPay has cooperated with ACLEDA as a strategic partner in world-class payment service solutions for its customers. Now we are working on the Contactless Debit Card to enhance our extensive product line to offer our customers more choices, to broadly expand their payment quickly, conveniently and securely. I am sure that ACLEDA Bank and UnionPay will have lots of opportunities to expand business in Cambodia" said Dr. IN Channy, President & Group Managing Director of ACLEDA Bank Plc.

About UnionPay International

UnionPay Internationalis the international arm of UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2,000 institutions worldwide, UnionPay International has enabled card acceptance in 174 countries and regions with issuance in 52 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest Cardholder base and ensures convenient local services to a growing number of global UnionPay Cardholders and merchants.

About ACLEDA Bank Plc.

ACLEDA Bank Plc. has four subsidiaries known as ACLEDA Securities Plc., ACLEDA Institute of Business, ACLEDA Bank Lao Ltd., and ACLEDA MFI Myanmar Co., Ltd. with representative office in Myanmar. As of Jun 2019, ACLEDA Bank Plc. had US$6.08 billion in total assets, US$3.70 billion in total credit balance and US$4.15 billion in total saving deposits. As at the end of 2018, ACLEDA Bank has issued 1,076,392 debit cards equal to 50% of total debit card issued by banking sector in Cambodia. And as of June 2019, ACLEDA Bank has 1,152,102 issuing debit cards.

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