UnionPay eyes 'unbanked' in rural SEA

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 the Chinese to stop paying with cash since it was started just 13 years ago.

"We democratised cashless payments and brought an array of options to the masses within 10 years," Yang Wenhui, general manager, UnionPay International Southeast Asia, told The Business Times in a recent interview.