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UnionPay eyes 'unbanked' in rural SEA

It now has a wide payment network in three developing countries in this region: Laos, Myanmar, and Cambodia.

Mr Yang wants to extend UnionPay's 'top-of-wallet' status among Chinese users overseas such as the tourists, professionals, students, executives and expatriates working and living in Singapore, Hong Kong and Japan.

UNIONPAY International wants to bring its expertise in reaching the "unbanked" in the rural areas of China to parts of South-east Asia - and this would extend its clear presence in the three poorest countries in this region.

This comes as the world's largest card issuer has been urging