UnionPay launches card for micro, small enterprises

China UnionPay launched a bank card specially designed for micro and small enterprises on Tuesday, after government leaders urged financial institutions to give more support to smaller firms.

So far, 13 commercial banks have agreed to cooperate with China UnionPay on the new card. Each will offer comprehensive financial services including payments and transfers, line of credit, and financial advice via the card, easing day-to-day business for small firms.

"The bank card is the first of its kind to be made specifically for micro and small enterprises, filling in the blanks in this area of business of the payments industry," said Fan Yifei, deputy governor of the People's Bank of China, the central bank.