HAIKOU, China, March 27, 2026 /PRNewswire/ — The 2026 Boao Forum for Asia (BFA) Annual Conference was held from March 24 to 27 in Boao, Hainan. Dong Junfeng, Chairman of China UnionPay, attended the conference and spoke as a panelist about UnionPay’s practices and observations in promoting a diversified global cross-border payment ecosystem at the event titled “Diversifying Cross-Border Payment System” on March 26. As a provider of core payment and clearing services, global card brand operator, creator and player of cross-border payment networks, UnionPay has not only identified new trends in the cross-border payments landscape, but also proposed its own approach to building an inclusive and diverse payment system. global payment ecosystem by leveraging its extensive experience in international expansion. Such efforts have injected new momentum into cross-border payments connectivity in the Asia-Pacific region and beyond.
Against a backdrop of accelerating global transformations, the cross-border payments landscape is increasingly characterized by regionalization, technological innovation and greater connectivity. Transformations are increasingly focused on the Global South, while emerging technologies, such as central bank digital currencies and artificial intelligence, are increasingly integrated into payment infrastructures. At the same time, innovative models are continually emerging to connect new and existing payment infrastructures. In response to these trends, UnionPay has taken steps towards multi-currency settlement, infrastructure collaboration and integrated use cases, promoting what it describes as an “ecosystem integration” approach to cross-border payments.
To support multi-currency settlement and regional cooperation, UnionPay has actively advanced QR code interoperability with local payment networks in several overseas markets and implemented bilateral local currency settlement agreements in key markets such as Indonesia and Vietnam. These efforts have effectively reduced transaction costs and mitigated risks of exchange rate volatility while providing stronger payment support for regional economic activities. By facilitating wider use of renminbi in cross-border use cases, UnionPay has become a key gateway for cross-border RMB payments.
In advancing infrastructure collaboration, UnionPay has adopted government-to-government (G2G) and network-to-network (N2N) cooperation models, and fostered interoperability of infrastructure, rules and specifications. These partnerships aim to contribute to cross-border payments connectivity and enable compatibility and mutual access between card-based and account-based networks. On the one hand, guided by the cooperative agreements between the People’s Bank of China (PBOC) and other central banks, UnionPay has advanced cross-border QR payment connectivity under the G2G model. Specifically, it signed a memorandum of cooperation with the National Payments Company of Vietnam (NAPAS), allowing UnionPay partner wallets and Vietnam-based wallets to be accepted into their respective networks. On the other hand, under the N2N model, the company has connected its QR payment network to local systems such as PayNet in Malaysia and NETS in Singapore. At the same time, UnionPay is actively leveraging new technologies such as AI to reshape traditional payment processes, adding new dimensions to the payment infrastructure. THE Nihao China The app, designed specifically for international visitors to China, offers a one-stop payment solution powered by an AI agent and featuring natural language interaction. This application serves as a valuable example of the deep integration of AI into the payments industry, breathing new vitality into traditional payments infrastructure.
To integrate use cases and serve the real economy, UnionPay has deeply integrated payment partnerships into regional industrial chains. It launched a comprehensive digital business payment solution to facilitate the development of the Silk Road e-commerce cooperation pilot zone. Leveraging its global network, UnionPay also introduced the Virtual Commercial Card, a product that provides cross-border and multi-channel settlement capabilities to help businesses looking to go global. In addition, it is actively driving the growth of renminbi remittances to and from China. Through these efforts, UnionPay has effectively integrated payment solutions into global supply chains, cross-border e-commerce and border trade, thereby enabling cross-border payments to drive growth in the real economy.
Looking ahead to a new era of diversified and inclusive cross-border payments, UnionPay has proposed a comprehensive partnership strategy and will adopt a more open approach to foster a collaborative network with industry players in different regions, business segments and sectors. On the one hand, the company will accelerate the deployment of QR payment and local currency settlement connectivity projects to expand proven cooperation models to more regions around the world and jointly build a digital payment corridor for the Global South. On the other hand, it will work with partners to explore the establishment of a new set of interoperable technical standards and rules at the multilateral level, laying the foundations for cross-border payment network connectivity. Meanwhile, UnionPay will leverage its card network, which covers 183 countries and regions, to ensure compatibility between card-based and account-based networks, providing a seamless, convenient and secure payment experience for users around the world.
Developing a new paradigm requires concerted efforts from emerging forces and established institutions across the global payments industry. Adhering to the principle of openness, inclusiveness and win-win cooperation, together with innovative platforms and legacy financial institutions, UnionPay will continue to seek the greatest common ground in jointly establishing standards and build an integrated global acceptance network through system compatibility. Through closer collaboration with global partners, UnionPay aims to build a diverse and inclusive retail payments network, shape a future of trusted bonds and shared success, and contribute to the sustainable development of the global economy.
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SOURCE UnionPay International
