TSYS today announced that China UnionPay Data Services Company, TSYS' joint venture with China UnionPay, has signed a long-term credit card processing agreement with the Bank of East Asia.
BEA is the first foreign bank to independently launch its own credit card program in China. BEA has the largest number of operating outlets of any foreign bank in China. Through its large and growing distribution network and reputation as the first foreign bank to successfully launch a credit card, it has taken a leading position among foreign banks in China.
CUP Data is China's largest third-party processor of electronic payments, providing transaction processing, disaster recovery and other services for issuing banks in China. CUP Data was established in 2003, and has signed more than 61 credit, debit and prepaid processing client banks at year-end 2008.
TSYS owns a 44.5% equity stake in CUP Data, a subsidiary of China UnionPay. CUP is the only payments network sanctioned by the People's Bank of China, China's central bank.