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CARDS & PAYMENTS | Staff Reporter, Singapore

ICBC Singapore launches dual currency credit card

It carries SGD/RMB dual currency functions.

The Industrial and Commercial Bank of China (ICBC) Singapore announced the launch of a new ICBC Koipy Dual Currency Credit Card (“Credit Card”) in collaboration with Koipy, a lifestyle service platform based in Singapore. The launch marks a milestone in ICBC’s as Singapore’s first Chinese bank to collaborate with one of Singapore’s most popular social media platforms among local foodies.

In addition to the basic UnionPay Dual Currency credit card functions, the Credit Card will provide cardholders with discounts and privileges from more than 100 selected merchants in the Koipy network and a maximum monthly cash rebate of 3% on all spending within the year. Beyond the platinum card option for working adults, the Credit Card also comes with a gold card option with a credit limit capped at S$500 for undergraduates from the local public universities.

The Credit Card also carries Singapore Dollar/RMB dual currency functions, allowing cardholders to enjoy a waiver of foreign exchange markup and other cross-border transaction fees on their spending in China. This encourages a hassle-free experience for customers travelling between China and Singapore.

“ICBC Singapore is deeply committed to our operations in Singapore, and as part of our commitment, we strive to strengthen the cultural exchange between Singapore and China, which coincides with Koipy’s efforts to promote Chinese cuisine in Singapore,” Ms Hu Fang, General Manager of ICBC Singapore said. “We are pleased to launch the ICBC Koipy Dual Currency Credit Card and hope the Credit Card will allow all foodies in Singapore – working adults and undergraduates alike – to enjoy the palatable discounts offered by both ICBC and Koipy.”

“As a start-up founded by students, Koipy represents the entrepreneurial and innovative spirit of our next generation. We are thrilled to be supporting the growth and expansion of such student initiatives in a meaningful way, with our expertise in lending and credit facilities,” she continued.

Mr Zhou Jing, CEO and Founder of Koipy, said, “We are delighted to have ICBC Singapore’s support on the launch of our new ICBC Koipy Dual Currency Credit Card, given ICBC’s strength as the world’s largest Chinese bank and its expertise in retail banking.”

“The new partnership affirms Koipy’s business objective and strategy, which remains deeply rooted in our mission to bring to our members the best deals in town, and to encourage an appreciation of Chinese cuisines.”

Founded in 2012 and incubated at Nanyang Technological University (NTU), Koipy is one of the forerunners among local rewards platforms to use Quick Response (QR) code technology. The rewards platform has quickly expanded within the last four years to a large user base of more than 400,000, and a participating merchant base of more than 320 shops spanning dining, beauty and lifestyle.

Applications for the new ICBC Koipy Dual Currency Credit Card are open to students aged 21 and above from Nanyang Technological University (NTU), National University of Singapore (NUS) and Singapore Management University (SMU). The credit limit is set at S$500, and no proof of income is required. Customers can find out more as well as sign up for the new ICBC Koipy Dual Currency Credit Card at any of nine ICBC branch locations, or through the ICBC Singapore website

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