Commercial Bank, first to link its ATMs to China UnionPay

Holders of UnionPay credit and debit cards can now withdraw money from more than 500 ATM terminals in Sri Lanka of the Commercial Bank of Ceylon, under a partnership between the Bank and China UnionPay.

This partnership will facilitate visits to Sri Lanka by tourists and business people from China, a spokesman for the Bankthe Bank said.

Commercial Bank is the first Sri Lankan bank to link its ATMs with UnionPay, enabling Sri Lanka to offer wider acceptance of UnionPay cards, which are accepted in 125 countries and regions besides China.

According to latest statistics from the Sri Lanka Tourism Development Authority (SLTDA), tourist arrivals from China in January - March 2012 recorded an increase of 13.3 per cent over the corresponding period last year.

"As the largest automated cash dispensing system in Sri Lanka, the Commercial Bank ATM network can significantly support the emergence of China as an important market for tourism and trade," said Chief Manager of the Card Centre of Commercial Bank, Thusitha Suraweera.

"The partnership between UnionPay and Commercial Bank also has the potential to evolve further to offer wider services to visitors in the future."

In late 2011, the Commercial Bank of Ceylon began offering customers the option of transacting in Chinese Yuan for import and export dealings with counterparts in the People's Republic of China, following the inclusion of the 'Renminbi' as one of the Designated Currencies in Sri Lanka by the Central Bank. Consequently, Commercial Bank customers can now receive quotations, open LCs and make payments in Yuan, instead of US Dollars, the currency previously used for dealings with businesses in China.

The Commercial Bank has also enabled customers maintaining Non Resident Foreign Currency (NRFC) accounts at the Bank to hold their funds in Yuan if they wish to do so.