UnionPay's Determination at Boao: Exploring Diverse Pathways to Develop Cross-Border Payment Ecosystems
Haikou, China, (ANTARA/PRNewswire) - The Boao Forum for Asia (BFA) Annual Conference 2026 took place from 24 to 27 March in Boao, Hainan. Dong Junfeng, Chairman of China UnionPay, attended the event and served as a speaker in a panel discussion themed “Diversifying Cross-Border Payment System” on 26 March. The agenda covered UnionPay’s practices and perspectives on building a more diverse global-scale cross-border payment ecosystem. As a provider of payment and clearing services, operator of a global card brand, and driver of cross-border payment networks, UnionPay not only reviewed new trends in the cross-border payment industry but also offered approaches to constructing an inclusive and diverse global payment ecosystem by leveraging its extensive experience in international expansion. These efforts provide fresh momentum for cross-border payment connectivity in the Asia-Pacific and other regions.
Amid accelerating global transformations, the cross-border payment landscape is increasingly influenced by regionalisation, technological innovation, and enhanced connectivity. The focus of transformations is shifting towards the Global South, while new technologies—such as central bank digital currencies and artificial intelligence—are becoming more integrated into payment infrastructure. At the same time, innovative models continue to emerge to connect new and existing payment infrastructures. In response to these trends, UnionPay is taking steps in multi-currency settlement, infrastructure collaboration, and integration across various usage scenarios. Through these measures, UnionPay promotes an “ecosystem integration” approach in cross-border payments.
To support multi-currency transaction settlements and regional cooperation, UnionPay is actively developing QR code interoperability with local payment networks in various overseas markets, as well as implementing bilateral settlement schemes in local currencies in key markets such as Indonesia and Vietnam. These efforts effectively reduce transaction costs and mitigate exchange rate fluctuation risks, while supporting more optimal payment transactions for regional economic activities. By promoting the use of renminbi in various cross-border payment scenarios, UnionPay serves as a crucial bridge in RMB-based cross-border payments.
To advance infrastructure collaboration, UnionPay adopts government-to-government (G2G) and network-to-network (N2N) cooperation models, while promoting interoperability of infrastructure, rules, and standards. These partnerships enhance cross-border payment connectivity and achieve compatibility and mutual access between card-based and account-based payment networks. On one hand, based on cooperation between the People’s Bank of China and other central banks, UnionPay develops cross-border QR payment connectivity through the G2G model. In particular, UnionPay signed a memorandum of understanding with the National Payment Corporation of Vietnam. Through this collaboration, UnionPay partner digital wallets and Vietnamese digital wallets become payment methods on each other’s networks. On the other hand, through the N2N model, UnionPay connects its QR payment network with local payment schemes such as PayNet in Malaysia and NETS in Singapore. UnionPay also leverages new technologies like AI to reorganise conventional payment processes, adding new dimensions to payment infrastructure. The Nihao China app is specifically designed for foreign tourists visiting China, providing an integrated AI-agent-based payment solution with natural language interaction. This app exemplifies deep integration between AI and the payment industry, bringing fresh momentum to conventional payment infrastructure.
To integrate various usage scenarios and support the real economy, UnionPay has implemented payment partnerships within regional industry chains. UnionPay launched a comprehensive digital trade payment solution to support the development of “Silk Road E-commerce” pilot zones. Leveraging its global network, UnionPay also introduced the Virtual Commercial Card, a product offering cross-border and cross-channel transaction settlement capabilities to support businesses seeking global expansion. Additionally, UnionPay is actively promoting RMB remittance growth, both from and to China. Through these efforts, UnionPay has successfully integrated payment solutions into global supply chains, cross-border e-commerce, and cross-border trade, enabling cross-border payments to drive real economic growth.
Looking towards a new era of a more diverse and inclusive cross-border payment industry, UnionPay proposes a comprehensive partnership strategy and adopts a more open approach to building collaborative networks with industry players across regions, business segments, and sectors. On one hand, UnionPay will accelerate the implementation of QR payment connectivity and local currency transaction settlement projects to expand proven cooperation models to more regions worldwide. Through these steps, UnionPay collaborates to build digital payment corridors for the Global South. UnionPay will work with partners to explore interconnected multilateral technical standards and rules as the foundation for cross-border payment network connectivity. Furthermore, UnionPay will leverage its card network spanning 183 countries and regions to ensure compatibility between card-based and account-based networks. In this way, a seamless, convenient, and secure global payment experience can be realised.
The development of this new paradigm requires joint efforts from emerging forces.