Japan's JCBI expands its businesses in Bangladesh, Cambodia and Brazil

Tokyo, Sept.10 (ANI): JCB International Co. Ltd. (JCBI), the international subsidiary of JCB, the only global payment brand based in Japan has expanded its footprints in Bangladesh, Cambodia and Brazil.

The company announced that BRAC Bank Limited, a leading commercial bank in Bangladesh, starts JCB merchant acquiring operations in Bangladesh based on a license agreement.

With this agreement, JCB cards will be accepted at over 3,400 BRAC Bank merchants throughout Bangladesh by the end of October this year.

With the world's large attention to Bangladesh's growing economy, JCB has been planning to expand its existing merchant network in the region in order to meet the demands of JCB card members visiting Bangladesh mainly for business purpose.

Kimihisa Imada, Dy. President of JCBI said, "I am sure that an increasing number of JCB acceptance locations in Bangladesh will bring more benefit and convenience to JCB cardmembers visiting this country. This will be strong business opportunity for our future card issuing business in this region".

In Cambodia, JCBI has signed a memorandum of understanding with Singapore Banking Corporation Ltd. for JCB card issuing.

SBC Bank will phase in JCB card acceptance at all SBC Bank merchants in Cambodia by the end of 2013 and plans to issue JCB card in the near future.

Andy Kun, Executive chairman of SBC Bank said, "The Collaboration with JCBI marks another milestone for SBC Bank in expanding its card business and this joyous occasion coincides with our bank's 20th anniversary of establishment".

"The acceptance of JCB cards will open up a world of financial freedom of JCB cardmembers visiting Cambodia for business or pleasure whereby JCB cardmembers can use their cards at over 500 SBC bank merchants as well as over 100 SBC Bank ATMs by the end of 2013", he added.

The strong economic growth of the Cambodia market is creating more potential for card issuing business.

JCBI has also signed an agreement with Caixa Economica Federal (CAIXA), the largest public sector bank in Latin America, for the issuing of JCB cards in Brazil aiming to start in April 2014.

Starting with credit cards for a total of 5 million accounts in the next 3 years, CAIXA plans to add debit and prepaid JCB brand cards in the near future.

Koremitsu Sannomiya, President and COO of JCBI commented, "Brazil has become the focus of world attention by hosting the 2014 FIFA World Cup and the 2016 Olympic Games, and we anticipate the payment market to grow in this country".

JCB is a global payment brand with over 24 million merchants and 80 million cardmembers around the world. (ANI)