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FXCC offers China Union Pay as it extends an invitation to Chinese FX traders

FXCC, the Cyprus based ECN specialist forex broker, has recently introduced an extra payment option through an association with China Union Pay. In creating this new relationship they believe they're opening up a gateway, which will allow new and experienced forex traders from Asian countries such as China, to trade directly through FXCC.

China Union Pay began trading in 2002, the company has grown exponentially in under fifteen years. China Union Pay ranks third as a payment service provider, in terms of annual transaction value processed, behind MasterCard and Visa. Due to its backing from the Chinese government, CUP rapidly became the preferred payment service provider for the four main Chinese domestic banks.

As the wider known and often referred to "Union Pay" or "CUP", the service provider has now issued close on five billion cards globally. China Union Pay is now an accepted method of payment in approximately 150 countries and since 2009 Union Pay cardholders have been able to access Link machines in the UK and use their cards for easy withdrawals throughout Europe.

China Union Pay is now the preferred and accepted domestic payment method for Chinese residents to access international transactional markets. China Union Pay has become central to and a pivotal part of China’s bankcard industry.

China Union Pay operates an interbank transaction settlement system, through which the connection and switch between banking systems and the: interbank, cross-region and cross-border use of bankcards issued by associate banks, can be efficiently processed.

Saed Shalabi, FXCC director said;

"Based on payment transactions and the number of cards issued, China Union Pay is the largest card payment organisation (debit & credit cards combined) globally. We're therefore delighted to have established a relationship with the company.

"UnionPay is also China's first pre-authorisation service for secured transactions. The system allows payment for online transactions through any merchant that accepts UnionPay. During 2014, the total amount of cross bank transactions of CUP cards exceeded 41.1 trillion yuan.

"At FXCC we pride ourselves on being a truly global, multi language broker, who easily communicates with and understands the requirements of traders worldwide. It's my belief that the Chinese forex market offers exponential growth opportunities for ambitious forex brokers.

"China is the second largest global economy, and it's predicted to overtake the USA as the number one economy by 2025. The growth in forex trading will match China's exponential growth in all other areas of their economy as Chinese residents become familiar with the investment opportunities FX trading offers.

"We need to stay aware of new developments, opportunities and ahead of the curve to ensure we're in a position to benefit from any increased Asian business, particularly from China. In forging this relationship with China Union Pay we believe we're positioning ourselves in anticipation of a potential surge in future forex trading from China.”

FXCC - FX Central Clearing LTD. Review

Monday, 20 Feb, 2017 / 12:08

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