Malaysian lender Maybank has inked a memorandum of understanding (MoU) with China UnionPay Merchant Services (China UMS) to tap into China’s card payments market.

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The deal, which marks a first between a Malaysian bank and China UMS, is expected to improve Maybank’s cash management business in China.

The alliance will help the bank offer its clients a range of payment solutions such as point of sales (POS) machines, online payment solutions, ATM solutions as well as other professional services.

After the bank’s collaboration with China UMS, the transactions carried out by clients through the bank’s regional cash management system Maybank2E-Regional Cash are projected to rise by 100% by the end of 2016. These transactions increased by 75% in 2015.

Customers of the bank can also access preferential rates by China UMS on signing up for its POS terminals or online payment gateway to allow card payments by purchasers of their products.

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These customers can access speedier collection of card payment proceeds, which will be credited directly into their Maybank accounts following clearing by China UMS.

In addition, the partnership will also facilitate the bank’s existing corporate customers involved in China’s retail business including automotive distributors, food and beverage outlets, departmental stores and hotels.

Maybank CEO, Greater China, Datuk Cheong Kwee Heng said: "Apart from deepening our POS business, this strategic partnership is also beneficial for both parties to jointly explore new markets and enhance our service and product offerings by leveraging on the strengths and resources of each other.

"For Maybank, this is a significant and strategic step in reaching out to the promising China market."