First Data opens up operations in China

DENVER, CO – First Data, a large credit card processor that processes card transactions for many credit unions, has announced the formation of a Chinese subsidiary to serve the Chinese market. First Data may be the first large U.S. card processor to do so, according to media reports. The subsidiary will be called First Data (China) Co., Ltd. and will provide a full range of payment technology and services to a market that represents one of the world’s largest economies, the company said. “The establishment of First Data operations in Shanghai demonstrates our commitment to providing local support for the emerging China payments market,” said Henry T. Tsuei, president of First Data’s card and merchant processing operations in North Asia. “First Data’s 30 years of payments industry expertise and advanced technology will enable us to deliver state-of-the-art payment services that will help China companies enhance their competitiveness and increase profitability.” First Data already has relationships with several large Chinese financial institutions through its Western Union subsidiary. In addition, several Chinese government agencies and ministries have become First Data clients, the company said.