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CapitaLand, UnionPay to launch cashless payment in China

CAPITALAND has struck an alliance with China UnionPay to enable cashless payment in China through the former's cardless rewards programme, CapitaStar, at the IE Singapore - CapitaLand Tech & Innovation Summit in Beijing on Friday.

CapitaLand also sealed technology collaborations with leading Chinese players, which include launching a China-focused venture fund - C31 Ventures China - with high-tech conglomerate Han Hai Holdings, and rolling out facial recognition technology at CapitaLand offices and malls in China and Singapore with tech startup Megvii.

The group also entered into a tripartite partnership with IE Singapore and Chinese co-working space operator UrWork to set up innovation centres in China to incubate Singapore startups.

The summit was officiated by Minister of Finance, Heng Swee Keat, and aims to accelerate cross-border innovation and knowledge-sharing between Singapore and China. Koh Poh Koon, Senior Minister of State, Ministry of Trade and Industry & Ministry of National Development; and representatives from China's Ministry of Science and Technology were also present.

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Lim Ming Yan, president and group CEO of CapitaLand noted that the alliance will enhance its efforts to provide offline and online media for augmenting its customers' live, work and play experiences. CapitaStar's four million members in China will benefit from the integration of China UnionPay's debit and credit card facilities with the CapitaStar app.

"This paves the way for us to simplify and digitise the way customers transact with us, not just for our customers in China, but also those in Singapore and beyond," he said.

Lucas Loh, CapitaLand China's CEO, said: "We are pleased to forge many valuable partnerships today. This will boost our efforts to leverage technology to enhance our real estate portfolio."

He added: "From our strategic alliance with China UnionPay to integrate cashless payment with CapitaStar, to the setting up of our C31 Ventures fund in China - these are steps towards deepening CapitaLand's capabilities by tapping into the latest emerging technologies and trends, to create better experiences for our customers."