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.