GE Corporate Payment Services Adds Commercial Card Alliances in Mainland China and Taiwan
SALT LAKE CITY--Oct. 1, 20041, 2004--| Alliance Partners Help Reduce Currency Exchange Fees, Provide Data for Global Roll-Up |
GE's Corporate Payment Services unit has entered into agreements for expanded corporate card coverage in the Asia/Pacific region by signing new alliance agreements in the People's Republic of China and Taiwan.
In collaboration with MasterCard International, the expanded corporate card programs provide convenience for cardholders, while increasing savings, control and financial transparency for the customer organization.
Guangdong Development Bank (GDB) - Guangzhou, P.R.C. GDB is the first MasterCard corporate products issuer in the People's Republic of China with global reporting capabilities. This alliance will give clients a locally issued and supported corporate travel and expense (T&E) card in the Renminbi currency. Transactions within China settle in Renminbi and in U.S. dollars for all transactions outside of China.
ChinaTrust Commercial Bank (CTCB) - R.O.C. This MasterCard-branded product offering covers both purchasing and T&E cards. This effort culminates a long effort to enroll a Taiwan-based issuer. ChinaTrust Commercial bank (CTCB), a subsidiary of ChinaTrust Holding, one of the major financial holding companies in Taiwan, is the largest credit card issuing bank in Taiwan. They have been issuing consumer cards for 30 years and currently have 6 million cards in force. They have been issuing corporate card products for nine years.
"MasterCard is delighted with the addition of these alliances with GE," said Steve L. Abrams, senior vice president, Corporate Payment Solutions, MasterCard International. "The agreements bring two more world-class banks into the MasterCard Multinational Corporate Program network, thus allowing Corporate Payment Services to service its major customers in Asia."
By providing in-country employees with cards denominated in the local currency, multinational companies can reduce currency exchange fees associated with their corporate travel and purchasing card programs. All three issuers provide transaction data in a standardized format for reporting purposes. The SAM(TM) system from Corporate Payment Services rolls up global data so organizations can monitor worldwide spending in a single reporting currency.
"These issuers expand our customers' settlement and service options in the fast-growing Asia/Pacific region," said Jeffery R. Dye, President and CEO of GE Corporate Payment Services. "The addition of these alliance partners further broadens our ability to support customer needs in the most significant economies around the world."
About GE Corporate Payment Services
Corporate Payment Services, the commercial card unit of GE Consumer Finance, develops and markets corporate bank cards and e-settlement tools designed for small-, medium- and large-sized companies and organizations. Cards are issued by GE Capital Financial Inc. For more information, visit www.gebusinessmarketplace.com.
GE Consumer Finance, a unit of General Electric Company, with more than $117 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 41 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com. GE is a diversified financial services, media and technology company dedicated to creating products that make life better. More information about GE can be found online at www.ge.com.
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment card brands including MasterCard, Maestro(R) and Cirrus and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless(R) advertising campaign is now seen in 97 countries and in 47 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com.