Closed Joint-Stock Company (CJSC) International Bank of Tajikistan (IBT) and China’s UnionPay have signed a memorandum of understanding (MoU) on the construction of bankcard switch network.
According to the IBT press center, IBT, Bank Eskhata and Spitmen Bank inked the MoU with China’s UnionPay on the construction of bankcard switch network here on July 4, 2017.
The main objective of the document is reportedly in discussing potential cooperation and development of relationships between the parties on enhancement of local payment system, expansion of the UnionPay card payment network and rendering of new technological products of UnionPay in Tajikistan.
IBT Chairman I. Rajabov noted that ITB supported UnionPay’s initiative and was ready to jointly promote development of non-cash payments in Tajikistan.
For his part, President of China’s UnionPay Shi Wenchao reportedly expressed readiness for expansion of bilateral cooperation. On the cooperation between UnionPay and commercial banks of Tajikistan, Mr. Shi noted that it would be established on the basis of mutually beneficial projects.
Meanwhile, UnionPay press center says Mr. Shi has also met Jamshed Noumahmadzoda, Head of the National Bank of Tajikistan (NBT). The two reached an agreement on UnionPay’s role in building the local bankcard switch network.
In Tajikistan, UnionPay cards can be used at some ATMs and merchants. Over the past few years, Tajik central bank has made unremitting efforts to promote e-payments. The local banks also have great demands for bankcard cross-border switch, local card issuance and innovative payment.
UnionPay International is a subsidiary of UnionPay focusing on international business. UnionPay International defines Membership Scheme to be the basis for development of the worldwide UnionPay Card acceptance network; promotes the international issuance and usage of the UnionPay Card as well as other innovative payment solutions and enhance the international brand position of UnionPay.
Established in 2002, UnionPay has reportedly become one of the largest payment card brands in the world, with over 3.5 billion bank cards issued, mostly in China, and with card acceptance in over 140 countries and regions and growing. The Chinese payments giant launched an international arm, UnionPay International, aimed at accelerating its overseas expansion. UnionPay International has issued more than 25 million UnionPay branded cards in above 30 countries and regions, and has partnered with more than 60 domestic and foreign banks.
The Closed Joint-Stock Company (CJSC) “International Bank of Tajikistan” was established in February 2016 as the microfinance organization “Standart Moliya” (Standard Finance) was upgraded into a commercial bank.
The bank’s stakeholders reportedly include a private company and a group of nationals of Tajikistan.
IBT, with headquarters in Dushanbe, currently has three branches and five banking service centers in several districts of the country.
