Exclusive: Ex-Central Bank Official to Take Over as UnionPay’s President
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Guo Dayong, a former deputy governor of the Jiangsu branch of the People’s Bank of China (PBOC), is set to become president of China UnionPay Co. Ltd., sources with knowledge of the matter told Caixin.
Guo will fill the vacancy left by Cai Jianbo, who was appointed to the position in 2020 and has reached retirement age.
Guo, 49, worked at several PBOC departments, including the General Administration Department and the Financial Stability Bureau, before being appointed a deputy governor of the Nanjing branch in Jiangsu province in 2017, according to the sources. He became a deputy governor of the Jiangsu branch during last year’s financial regulatory system overhaul.
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- Guo Dayong, former deputy governor at Jiangsu PBOC, will be appointed president of China UnionPay, succeeding Cai Jianbo.
- Guo has a background in PBOC's General Administration and Financial Stability, and has served as deputy governor in Jiangsu since 2017.
- UnionPay, established in 2002, leads China's bank card clearing and expanded its registered capital to nearly 10 billion yuan ($1.4 billion) last year.
- China UnionPay Co. Ltd.
- China UnionPay Co. Ltd., established in 2002, is China's largest payment settlement service provider, dominating the country's bank card clearing business. Its cards are accepted in over 180 countries and regions globally. Last year, the company tripled its registered capital to nearly 10 billion yuan ($1.4 billion).
- 2017：
- Guo Dayong was appointed deputy governor of the Nanjing branch in Jiangsu province.
- 2020：
- Cai Jianbo was appointed president of China UnionPay Co. Ltd.
- 2023：
- Guo Dayong became deputy governor of the Jiangsu branch during the financial regulatory system overhaul.
- 2023：
- UnionPay more than tripled its registered capital to almost 10 billion yuan ($1.4 billion).
- Earlier in 2024：
- Dong Junfeng was appointed chief of UnionPay’s Communist Party committee.
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