February 22, 2010
-
News: Allied Bank Enters China
The Allied Bank, one of Philippine's largest banks, launched a new credit card that partners with China's largest credit card association. Allied Bank is one of two Philippine banks that are not traded on the Philippine Stock Exchange; the bank ranks 10th in the nation in terms of assets. Owner and Chairman of the Board, Lucio Tan made the announcement at the NBC Tent at the Bonicafio Global City in Taguig. In his statement, Tan said the Allied Bank seeks to strengthen its already strong Filipino-Chinese credit card base. Furthermore, with the bank's partnership with Philippine Airlines (PAL), credit card customers will benefit even greater.
The new credit card will be called the Allied Bank China UnionPay Card. The bank ensures 100 percent acceptance throughout China, the second largest economy in the world. According to Fol Rana Jr., Allied Bank's Senior Vice President who heads the bank's card division, the card will fill the hole that has existed up until now where Philippine citizens traveling to smaller cities outside of Shanghai and Beijing often experience trouble with credit card acceptance. With the new card, the bank expects to capture all the Filipino-Chinese market including business and pleasure trips. After all, individuals traveling on business like to shop too.
A bank spokesperson also noted that even in the wake of an economic slowdown, Filipinos continued shopping. Additionally, Allied's partner, PAL allows credit card holders the option of converting points to miles to apply toward earning free airline tickets. Last week at the 17th Annual Travel Tour Expo in Pasay City, PAL announced that it has partnered with two of the country's leading banks, Allied Bank and Philippine National Bank, to offer card holders zero percent interest for up to three months on deferred payment when they purchased their airline tickets at the PAL booth using their credit card.