GE’s Corporate Payment Services unit has entered into agreements for expanded corporate card coverage in the Asia/Pacific region by signing new alliance agreements in the People's Republic of China and Taiwan.

In collaboration with MasterCard International, the expanded corporate card programs provide convenience for cardholders, while increasing savings, control and financial transparency for the customer organization.

Guangdong Development Bank (GDB) - Guangzhou, P.R.C.  GDB is the first MasterCard corporate products issuer in the People’s Republic of China with global reporting capabilities.  This alliance will give clients a locally issued and supported corporate travel and expense (T&E) card in the Renminbi currency. Transactions within China settle in Renminbi and in U.S. dollars for all transactions outside of China.

ChinaTrust Commercial Bank (CTCB) - R.O.C. This MasterCard-branded product offering covers both purchasing and T&E cards.  This effort culminates a long effort to enroll a Taiwan-based issuer.  Chinatrust Commercial bank (CTCB), a subsidiary of Chinatrust Holding, one of the major financial holding companies in Taiwan, is the largest credit card issuing bank in Taiwan. They have been issuing consumer cards for 30 years and currently have 6 million cards in force.  They have been issuing corporate card products for nine years.

"MasterCard is delighted with the addition of these alliances with GE,” said Steve L. Abrams, senior vice president, Corporate Payment Solutions, MasterCard International. “The agreements bring two more world-class banks into the MasterCard Multinational Corporate Program network, thus allowing Corporate Payment Services to service its major customers in Asia."

By providing in-country employees with cards denominated in the local currency, multinational companies can reduce currency exchange fees associated with their corporate travel and purchasing card programs. All three issuers provide transaction data in a standardized format for reporting purposes. The SAM™ system from Corporate Payment Services rolls up global data so organizations can monitor worldwide spending in a single reporting currency.

“These issuers expand our customers’ settlement and service options in the fast-growing Asia/Pacific region,” said Jeffery R. Dye, President and CEO of GE Corporate Payment Services. “The addition of these alliance partners further broadens our ability to support customer needs in the most significant economies around the world.”