Standard Chartered, MasterCard International extend alliance into UAE
Emerging markets bank Standard Chartered and MasterCard International announced plans to launch gold and silver MasterCard cards in the United Arab Emirates (UAE) market, extending the global alliance between Standard Chartered and MasterCard to include the Middle East and North Africa region.
The UAE is one of the fastest growing credit card markets in the Middle East. In 2001, the number if credit cards in circulation in the UAE grew by 15 percent to approximately 500,000 cards. ”The UAE is one of our most exciting growth markets. In 2001, our credit card business grew by more than 100 percent and we are determined to keep on growing,” Sethu Venkateswaran, Standard Chartered’s head of Consumer Banking for the Middle East and South Asia said.
Standard Chartered Bank has developed two MasterCard cards: the Standard and Gold Cards. The cards’ features include an interest rate of 0.67 percent per month on all retail transactions in the first six months of owning the card (this offer is for limited period); free 24-hour road side assistance; coverage for personal accident linked to the purchase of fuel, no liability on lost or stolen cards, emergency travel cover; the credit shield program; phone banking; and bill payment facilities at Choithram supermarkets.
Other features include discounts at more than 170 restaurants and offers on children’s activities, as well the Standard Chartered Companion Points loyalty card offered free to all primary cardholders.
Standard Chartered is a leading issuer of new credit cards in the UAE. The Bank has a network of seven branches and 16 ATMs (Automatic Teller Machines) across the gulf country. Standard Chartered employs 30,000 people in over 500 offices in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, United Kingdom and the Americas. The Bank serves both Consumer and Wholesale banking customers.
MasterCard International’s portfolio includes widely accepted payment brands MasterCard, Cirrus and Maestro. More than 1.7 billion MasterCard, Cirrus and Maestro logos are present on credit, charge and debit cards in circulation today. An association comprised of more than 15,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. With more than 24 million acceptance locations, MasterCard Card’s gross dollar volume exceeded $986 billion for the year ended December 31, 2001. — (menareport.com)
© 2002 Mena Report (www.menareport.com)