Acleda Bank, the Kingdom’s largest, signed a memorandum of understanding (MoU) on Monday with UnionPay International Co Ltd, a Chinese-based payment services company.

In Channy, president and CEO of Acleda Bank, said this will provide a broader and more convenient service to his customers.

He said: “UnionPay International, which is one of the world leaders in payment services and is the number one payment and settlement institution in China, has selected us to be a strategic partner in payment services for our customers and Cambodian citizens with world-class payment services through Acleda Bank branches and offices, and especially through the 962 points of sale as well as merchants of Acleda Bank throughout Cambodia.”

Xu Luode, president of China UnionPay and vice chairman of UnionPay International, said during the signing ceremony in Phnom Penh that currently, UnionPay cards reached more than 3.5 billion people.

The UnionPay network has been extended to 141 countries and regions. At the same time, UnionPay cards are issued in more than 30 foreign countries and regions, as of the end of 2012.

He said the UnionPay network processing bank card transaction volume is in excess of $3.7 trillion, the second highest in the world, and will continue to maintain rapid growth.

“We will work together with Acleda Bank with the trademark license agreement and show, marking the two sides formally opening a new chapter of business co-operation,” he added.