Friday, December 13, 2019
BC Card Attracts Investment from China UMS
For Cooperation in Settlement Services
BC Card Attracts Investment from China UMS
  • By Yoon Young-sil
  • November 1, 2019, 10:06
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BC Card president Lee Moon-hwan (left) poses for a photo shoot with Wang Yenfang (center), president of China UMS, and Lee Jae-jae, president of Smartro after signing an agreement on the sale of BC Card shares to China UMS.

BC Card has attracted investment from China UnionPay Merchant Services Co. (China UMS), a subsidiary of China UnionPay, by selling part of its shares. This is the first time BC Card attracted foreign capital.

BC Card announced on Oct. 30 that it has signed a deal to sell part of its stake in its subsidiary Smartro to China UMS to strengthen its cooperative relationship with the Chinese partner. A subsidiary of China UnionPay, a Chinese bank card association, China UMS is engaged in big data services, marketing and value-added services for payment innovation.

China UMS became an investor in Smartro by acquiring 20 percent ​​of BC Card’s stake in the company, including old Smarto shares held by BC Card and newly issued shares.

BC Card and Smartro are planning to introduce improved payment services to Korean customers based on their cooperation with China UMS, which is active in spreading new payment platforms such as QR in China.