What’s new: State-backed China UnionPay Co. Ltd. has promoted Executive Vice President Cai Jianbo to president, filling a vacancy left by Shi Wenchao, sources with knowledge of the issue told Caixin.
Cai, 57, also serves as chairman of UnionPay International Co. Ltd., a UnionPay subsidiary in charge of global business. Cai used to be a deputy head of the international department of China’s central bank.
Shi recently moved to CIPS Co. Ltd., which operates under the central bank and provides settlement services for cross-border yuan-denominated payments. Previously, he made efforts to turn UnionPay into a more market-oriented company, and boost the country’s interbank bond market.
What’s the background: UnionPay is China’s largest payment and settlement organization that operates under a central bank mandate.
As UnionPay has been expanding its business at home and abroad in recent years, it has faced mounting challenges from mobile payment giants, including Ant Group Co. Ltd.’s Alipay and Tencent Holdings Ltd.’s WeChat Pay. Foreign counterpart American Express Co.’s new business in China further intensifies competition.
Related: In Depth: State-Backed UnionPay Wants to Challenge Alipay and WeChat
Contact editors Lin Jinbing (jinbinglin@caixin.com) and Heather Mowbray (heathermowbray@caixin.com)
