Singapore

BROADENING its reach into South-east Asia, China's UnionPay International on Monday launched with DBS a debit card that widens payment choices for Singapore consumers travelling to China.

UnionPay is the dominant inter-bank clearing and settlement company in China. Most merchants in China only accept cards issued by UnionPay, with foreign payment companies such as Visa and MasterCard having to pay network access fees to UnionPay when taking in payments in yuan.