Singapore-based property developer CapitaLand on Friday said it formed a strategic alliance with China UnionPay to launch cashless payments.
The alliance seeks to tap the connected lifestyle and digital literacy of CapitaLand's China customers by enhancing the group's CapitaStar programme with cashless payment capabilities, the company said in a regulatory filing.
Pudong, China-based UnionPay provides bank card services and a major card scheme in mainland China.
CapitaStar's four million members in China will benefit from the integration of China UnionPay's debit and credit card facilities with the CapitaStar app, CapitaLand said.
"This will boost our efforts to leverage technology to enhance our real estate portfolio," said Lucas Loh, CEO, CapitaLand China in a statement.
Members need to scan QR codes on their CapitaStar app to make payments from their China UnionPay accounts at company's developments, shopping malls and serviced residences in China.
The event aims to accelerate cross-border innovation and knowledge-sharing between Singapore and China, CapitaLand said.
Shares in CapitaLand rose 0.3 percent to S$3.58 on the Singapore Exchange. The stock has gained 22 percent in an year.