P R E S S   R E L E A S E

The Chinese University of Hong Kong (CUHK) and Hang Seng Bank jointly launched the CU Link, Asia's first Mondex card that can perform multiple functions through a single microchip on the Multi-Application Smart Card Operating System (MULTOS). 

With the CU Link, close to 19,000 students and staff of the CUHK can enjoy the convenience of using one card to access campus facilities as well as banking and payment services offered by Hang Seng Bank both on and off campus. The CU Link is an all-in-one card for identification and access control, as well as Mondex stored-value and ATM transactions when activated and linked to the cardholder's bank account. 

Professor Ambrose King, Acting Vice-Chancellor of the CUHK, said at the launch ceremony: "We are very happy to work with Hang Seng Bank to use hi-tech for everyday purposes so as to bring convenience to staff and students." 

Mr Vincent Cheng, Hang Seng Bank's Vice-Chairman and Chief Executive, said: "The CU Link has been specially created to provide students and staff of the CUHK with added convenience and a unique way of banking. It highlights the Bank's commitment to taking advantage of advances in technology to bring customers new products as soon as possible." 

The CU Link is a single microchip card adopting MULTOS, which is a high security, multi-application platform for smart cards. MULTOS allows many different functions to securely reside on one microchip, expanding the versatility of smart card functions while reducing administration and distribution costs. 

The CUHK will input the cardholder's data into the microchip, enabling the card to function as an identity  card and bringing increased convenience to cardholders. In addition, the CU Link will enhance the University's efficiency in information management, facilitate resources planning in a cost-effective way and improve security control. 

The CU Link also offers a stored-value function, allowing cardholders to make purchases at any Mondex outlets ranging from photocopying machines and canteens on campus, to supermarkets and department stores throughout Hong Kong. 

Cardholders who wish to utilise the stored-value and ATM functions will need to open a bank account with Hang Seng Bank and link the account to the card. Up to three Hong Kong dollar accounts can be linked to the card. 

Mondex is currently used at over 6,000 merchant outlets throughout Hong Kong. It is most commonly used for paying minibus fares; shopping at fast food chains, supermarkets and department stores; and making car park and gasoline station payments. Customers can transfer cash from their linked accounts to their Mondex card, and vice versa, at over 900 ATMs of Hang Seng Bank and The Hongkong and Shanghai Banking Corporation Limited.  Mondex also allows person-to-person payments using a personal electronic wallet. 

The Chinese University of Hong Kong, one of the top universities in the Asia-Pacific region, is a forward-looking comprehensive institution of higher learning. CUHK enjoys wide international acclaim for its excellence in both teaching and research. It is committed to tapping world-class expertise in fostering quality research across a broad range of disciplines, and has always taken the lead in the development of state-of-the-art technology to benefit Hong Kong and the world. Over the years, numerous outstanding graduates have been nurtured by the University who have contributed to the continued success of Hong Kong. 

Founded in 1933, Hang Seng Bank, a principal member of the HSBC Group, is the second-largest locally-incorporated bank in Hong Kong and employs a staff of about 7,500 in its 156 local branches; its Guangzhou and Shanghai branches; and its representative offices in Beijing, Shenzhen and Xiamen. With consolidated assets of HK$435.5 billion at the end of June 1999, the Bank reported a profit attributable to shareholders of HK$4.26 billion for the first half of 1999, and HK$6.79 billion for the full year of 1998.