American Express today announced the introduction of the world's first Yuan prepaid travel product - the Yuan Travelers Cheque for international travelers visiting China. In a new strategic partnership, the Bank of China will become the sole encashment bank for this product within China. The partnership signals a new era for a safe and convenient form of travel money for inbound travelers to China.
Beginning May 10, 2010, travelers to China from Canada, India, Japan Korea, Malaysia, Singapore, the UK and USA will be able to purchase American Express Chinese Yuan Travelers Cheques in their home markets. The American Express Chinese Yuan Travelers Cheques can be encashed at more than 2,000 Bank of China branches and 1,600 partner hotels in China.
"Today, we are pleased to announce the launch of the Chinese Yuan Travelers Cheque in partnership with the Bank of China. We are delighted to provide travelers to China with the convenience of Yuan currency combined with the safety and security that only Travelers Cheques can provide," said Alpesh Chokshi, President of Global Prepaid at American Express, during a press conference today in Beijing.
"This partnership combines Bank of China's extensive network and experience in foreign exchange with American Express' expertise in payments and travel. This is another milestone in our long term commitment to China," Alpesh added.
Bank of China says that they are one of the most internationalized and diversified banks in China. American Express has a long, exemplary history for providing top class financial services all over the world. This new partnership harnesses the power of our two reputable brands, both renowned for our excellence in service. Bank of China believes this signing ceremony is only the start of a very fruitful relationship.
Shao Qiwei, Chairman of China National Tourism Administration quotes the World Tourism Organization, in that China is expected to become the number one inbound travel destination and the world's fourth largest country for outbound tourism by 2015. In 2009, the China travel market experienced a fast but balanced growth, receiving 126 million inbound travelers who spent a total of US$39.7 billion in China. Significantly adding to the numbers of inbound tourists, the Shanghai World Expo is expected to draw another 3.5 million international visitors to China from May to October this year.
First issued by American Express in 1891, Travelers Cheques have been a popular and well-recognized payment option of travelers all over the world for the past 119 years. A safe alternative to cash, Travelers Cheques can be replaced if they are lost or stolen. In addition, Travelers Cheques never expire, meaning any leftover checks can be saved for future trips.
American Express Travelers Cheques were introduced in China in 1982, the same year Bank of China began selling and encashing Travelers Cheques. With the introduction of Chinese Yuan Travelers Cheques, American Express Travelers Cheques are now available in 7 currencies including US dollar, Euro, Canadian dollar, Australia dollar, Japanese Yen, UK Pound Sterling and Chinese Renminbi.
About Bank of China
Bank of China (BOC), which was established in 1912 with the consent of Sun Yatsen, is both the oldest and most international commercial bank in China. Members of the group include BOC Hong Kong, BOCI Securities, BOC Insurance, BOC Group Investment and Aircraft Leasing. Bank of China was the fifth largest in the world by market value in 2009 and was one of the first Chinese enterprises to join the Fortune Global 500.
Welcome to visit the Bank of China website on www.boc.cn.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, twitter.com/americanexpress and youtube.com/americanexpress.