UnionPay buys stake in major Hong Kong ATM operator JETCO

Mainland China’s sole clearing services firm UnionPay has purchased 3% of Joint Electronic Teller Services Ltd. (JETCO), operator of the largest network of ATMs in Hong Kong and Macao, allowing it to name candidates for the JETCO’s board of directors, Caixin reported, citing a statement from the company. The firms will cooperate to introduce UnionPay’s smartphone payment service to the Hong Kong. UnionPay president Shi Wenzhao said the company would “continue to step up investment in Hong Kong and other markets where UnionPay services have relatively matured … to promote the development of the payment industry.”