CUP & OCG Signing Memorandum for Long Term Strategic Partnership

Hong Kong, April 02, 2004 - Today, Mr Jeffery Huang, General Manager of China UnionPay (CUP), and Mr Henry Yu, Chief Executive of Oriental City Group (OCG) have signed a Memorandum for Long Term Strategic Partnership in Hong Kong.

The Memorandum documents both parties' intention to jointly establish CUP as a major international card payment association and to establish CUP card acceptance and issuing business overseas.

OCG is expected, capitalized on its seasoned experience in international card payment and financial services, to assist CUP in developing the CUP Standard Cards in Hong Kong and Mainland China. OCG is also expected to establish win-win partnership for CUP card acceptance and issuance business outside China.

CUP is expected to provide all the support required for OCG to pursue the common goals.

China UnionPay, licensed by the Chinese central bank, is the owner of the strongest card brand in China. With over 1.9 billion cards base owned by the member banks, CUP targets to become a major card brand comparable to Visa and MasterCard in the coming years. CUP has just debuted successfully its CUP Card Acceptance service earlier this year outside China Mainland, in Hong Kong. Despite of the presence of the card giants such as Visa and MasterCard, analysts believe that the growth potential of the CUP card business would be huge. Brand building and Internationalization are believed to be strategic moves towards the establishment of a major card brand.

About Oriental City Group

Founded in 2001, Oriental City Group (OCG) is a diversified financial services group specializing in Theme & Lifestyle Cards Development and Marketing, Payment Services, and Customer Relationship Management.

OCG teamed up with United Overseas Bank since 2002 to develop four Lifestyle Theme Cards, namely, Golf VISA, Man's VISA, Lady's VISA and Family VISA, which formed the core of the OCG Services Platform (OSP).

About China UnionPay

Licensed by the People's Bank of China and established in April 2002, China UnionPay (CUP) is a shareholding financial institution jointly established by 80 founding financial institutions. Now, CUP has more than 130 member institutions.

In October 2002, CUP has successfully acquired the first batch of 800 BIN code blocks from the International Standard Organization (ISO). It symbolizes CUP's first big step towards internationalization.

At the 2009 Q3, there are over 1.9 billion of CUP cards issued in China.  After achieving its first target of "Welcome Everywhere in China", CUP starts to implement its new target of "Providing Service Wherever Chinese go". Based on its successful experience in Hong Kong, CUP target to launch merchant acquiring service outside China by the end of the year.