ICBC Singapore, UnionPay pilot dual currency SGD/RMB debit card

The new product allows for dual currency payments without conversion fees.

ICBC Singapore and UnionPay have jointly launched a new SGD/RMB dual currency debit card inspired by the Chinese mythical creature Kylin, a statement read.

Besides enabling users to make payment easily in SGD and RMB with no conversion fees, the card also allows for deposits and withdrawals in Singapore, money remittance to ICBC China via e-banking, and make cash withdrawals without additional fees at almost 100,000 ICBC automated teller machines (ATMs) in China.

Users can also enjoy annual card membership fee and fall-below fee waivers.

The card is equipped with UnionPay’s contactless payment feature, QuickPass, which enables cardholders to pay for their purchases with a simple tap at participating merchants locally and at over 20 million acceptance points around the world.

ICBC will also incorporate the UnionPay QR Code payment feature into its own mobile banking application to provide customers with more payment options and enable them to transact via UnionPay at over 30 million merchants worldwide.