UnionPay's Voice at Boao: Exploring Diverse Pathways to Grow the Cross-Border Payment Ecosystem
HAIKOU, China, March 27, 2026 /PRNewswire/ -- The Boao Forum for Asia (BFA) Annual Conference 2026 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 themed "Diversifying Cross-Border Payment System" on March 26. As a provider of fundamental payment and clearing services, a global card brand operator, a creator of and player in cross-border payment networks, UnionPay not only identified new trends in the cross-border payment landscape, but also offered its own approach to building an inclusive and diversified global payment ecosystem by leveraging its extensive experience in international expansion. Such efforts have injected new momentum into cross-border payment connectivity across the Asia-Pacific and beyond.
Amidst accelerating global transformations, the cross-border payment landscape is increasingly characterized by regionalization, technological innovation, and greater connectivity. The focus of transformations is increasingly shifting towards the Global South, while emerging technologies—such as central bank digital currencies and artificial intelligence—are becoming deeply integrated with payment infrastructure. Meanwhile, innovative models are continuously emerging to connect both new and existing payment infrastructures. In response to these trends, UnionPay has taken steps in in 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 been actively advancing QR code interoperability with local payment networks across multiple overseas markets, and has implemented bilateral local-currency settlement arrangements in key markets such as Indonesia and Vietnam. These endeavors have effectively reduced transaction costs and mitigated exchange-rate volatility risks while providing more solid payment support for regional economic activities. By facilitating the broader use of the renminbi in cross-border use cases, UnionPay has become a key bridge for cross-border RMB payments.
In advancing infrastructure collaboration, UnionPay has adopted both government-to-government (G2G) and network-to-network (N2N) cooperation models, and has promoted interoperability in infrastructures, rules and specifications. These partnerships aim to contribute to cross-border payment connectivity, and enable compatibility and mutual access between card-based and account-based networks. On one hand, guided by the cooperation arrangements 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 Payment Corporation of Vietnam (NAPAS), allowing UnionPay partner wallets and Vietnam-based wallets to be accepted in each other's networks. On the other hand, under the N2N model, the company has connected its QR payment network with local schemes such as PayNet in Malaysia and NETS in Singapore. Meanwhile, UnionPay is actively leveraging new technologies such as AI to reshape traditional payment processes, adding new dimensions to the payment infrastructure. The Nihao China App, designed specifically for international visitors to China, offers an AI agent-powered one-stop payment solution equipped with natural language interaction. This app serves as a valuable example of the deep integration of AI with the payment industry, injecting new vitality to the traditional payment infrastructure.
To integrate use cases and serve the real economy, UnionPay has deeply embedded payment partnerships in regional industrial chains. It has launched a comprehensive digital trade payment solution to facilitate the development of the pilot zone for Silk Road E-commerce cooperation. Building on its global network, UnionPay has also introduced the Virtual Commercial Card, a product that offers cross-border and cross-channel settlement capabilities to support businesses looking to go global. In addition, it is actively driving the growth of Renminbi remittance to and from China. With these efforts, UnionPay has effectively incorporated payment solutions into global supply chains, cross-border e-commerce and border trade, enabling cross-border payments to power growth in the real economy.
Looking ahead to a new era of diversified and inclusive cross-border payments, UnionPay has put forward a comprehensive partnership strategy, and it will adopt a more open approach to fostering a collaborative network with industry players across different regions, business segments, and sectors. On the one hand, the company will accelerate the rollout of QR payment connectivity and local-currency settlement projects to extend proven cooperation models to more regions worldwide 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 multilaterally interoperable technical standards and rules, laying the groundwork for cross-border payment network connectivity. Meanwhile, UnionPay will take advantage of its card network, which covers 183 countries and regions, to ensure compatibility between card- and account-based networks, delivering a seamless, convenient, and secure payment experience for global users.
The development of a new paradigm requires concerted efforts of both emerging forces and established institutions across the global payment industry. Upholding the principle of openness, inclusiveness, and win-win cooperation, together with innovative platforms and incumbent financial institutions, UnionPay will continue to seek the greatest common ground in jointly setting standards, and build an integrated global acceptance network through system compatibility. With deeper collaboration with global partners, UnionPay aims to build a diversified and inclusive retail payment network, shape a future of trusted ties and shared success, and contribute to sustainable development of the global economy.
SOURCE UnionPay International
Share this article