Relationship forged between ANZ and UnionPay will benefit Fiji, says Attorney-General and Finance Minister Aiyaz Sayed-Khaiyum.

The partnership was launched at Radisson Blu Resort and Spa last night.

Mr Sayed-Khaiyum also commented that Government had very strong relationship with the ANZ Bank.

He said that the partnership arrangements between ANZ and UnionPay will be great facilitator in enhancing trade and commerce with both countries.

ANZ has now opened its platform for Union Pay to operate from, meaning UnionPay services will be available through ANZ ATM and eftpos.

Mr Sayed-Khaiyum also noted that ANZ was in support of the Fair Reporting of Credit Act and was working with Government in the revamping of the sugarcane industry.

He said that a regulated credit reporting agency would enhance confidence not only in the credit market but in the overall financial system.

“This creates a lot of synergies. Fiji is hub of the Pacific and has a footprint in the other Pacific countries.”

“To have confidence in  whether it is remittances or whether it needs to do with credit card transaction, we need to have well regulated system, we need to have regulated frame work for financial banks operate in.

“Fiji is very proud in that sense to have a very well regulated financial system governed by of course the Reserve Bank of Fiji and I think that’s one of the attractions for Union Pay to be in Fiji.”

Tourism industry

With Union Pay being a Chinese company, having its presence in Fiji would also augur well for the tourism industry, the Minister said.

“Fiji of course as you all know through Fiji Airways flies directly to Shanghai, and we are hoping that we will able to reach consensus with the Chinese Government when we will be able to commence direct flight to Beijing and codeshare with Air China”.

Meanwhile, ANZ Fiji Acting CEO Saud Minam commented on the fair credit report act.

“ANZ which is the leading bank in Fiji. We’re confident our strong risk systems mean our lending standards will not be compromised and we will work hard to minimise any disruption to customers.”

Edited by Jyoti Pratibha

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