Currently, the global cross-border payment system is undergoing profound changes, showing new development characteristics of regionalization, technology, and interconnection. The focus of change is accelerating to the global southern market. New technologies such as central bank digital currency and artificial intelligence are deeply integrated with payment infrastructure. Interconnection models between emerging and existing facilities are constantly innovating.
In this context, during the Boao Forum for Asia Annual Conference from March 24 to 27, 2026, China UnionPay Chairman Dong Junfeng was invited to attend the “Building Diversified Cross-border Payments” sub-forum. Focusing on the important topic of cross-border payment system construction, he shared UnionPay’s practical exploration and development thinking in promoting a global diversified cross-border payment system, and provided UnionPay solutions for building a diverse and symbiotic international payment ecosystem.
As a provider of basic payment and clearing services, an operator of global bank card brands, and a builder and participant of cross-border payment networks, China UnionPay has carried out practices around the three dimensions of multi-currency settlement, infrastructure collaboration, and deep scene integration to promote the development of the cross-border payment ecosystem towards “ecological coupling”.
In this process, UnionPay not only summarized the new development characteristics of the current cross-border payment system, but also provided UnionPay solutions for building a diverse and symbiotic international payment ecosystem with its rich globalization practices, injecting new momentum into the development of cross-border payment interconnection in the Asia-Pacific and even the world.
In cross-border payments, problems such as high transaction costs and large exchange rate fluctuations have long restricted regional economic cooperation.
China UnionPay has implemented bilateral local currency settlement models in key markets such as Indonesia and Vietnam, and promoted QR code interconnection with local payment networks in multiple overseas regions, effectively reducing transaction costs and exchange rate risks, and providing more robust payment support for regional economic activities.
At the same time, UnionPay continues to promote the widespread application of RMB in cross-border scenarios and has become an important bridge for RMB cross-border payments.
In promoting infrastructure collaboration and integration, China UnionPay innovatively adopts a dual-track cooperation model of government-to-government (G2G) and network-to-network (N2N). It uses a dual-pronged approach of “hard connectivity” of infrastructure and “soft connectivity” of rules and standards to promote cross-border interconnection cooperation and achieve organic compatibility and network sharing of card networks and account-based networks.
On the one hand, the cooperation arrangements between the People’s Bank of China and the central banks of relevant markets are implemented to promote cross-border QR code payment interconnection and cooperation in the G2G model. UnionPay signed a memorandum of cooperation with the National Payments Corporation of Vietnam (NAPAS) to promote the realization of UnionPay QR code wallets and Vietnamese local wallets scanning QR codes for payment on each other’s networks; on the other hand, QR code cooperation is carried out in the N2N mode to connect with local networks such as Malaysia’s PayNet and Singapore’s NETS.
At the same time, UnionPay actively uses new technologies such as AI to reshape traditional payment processes and give more new connotations to payment infrastructure.
In the “Nihao China” APP launched for overseas people, a one-stop payment service that realizes natural language interaction through intelligent agents has accumulated valuable experience for the in-depth integration of the payment industry and artificial intelligence, and revitalized traditional payment infrastructure.
In terms of deepening scene integration and serving the real economy, China UnionPay has deeply embedded payment cooperation into regional industry collaboration chains, launched comprehensive payment solutions for digital trade to help build the “Silk Road E-commerce” cooperation pioneer zone; relying on UnionPay’s global layout to create cross-border and cross-channel
Virtual commercial cards with multi-channel settlement capabilities meet the needs of enterprises for global operations; UnionPay also actively promotes the development of cross-border RMB two-way remittance business, allowing payment services to be closely integrated with global economic and trade supply chains, cross-border e-commerce, border trade and other scenarios, giving full play to the empowering role of cross-border payments in the real economy.
Facing the new era of “diversified symbiosis” development of global cross-border payments, China UnionPay has proposed a comprehensive cooperation layout and will work with all parties in the industry to build a “cross-regional, cross-business, and cross-field” cooperation matrix with a more open attitude.
On the one hand, it accelerates the implementation of QR code network interconnection and local currency settlement projects in more markets, promotes mature cooperation models to more regions around the world, and jointly builds a strategic corridor for digital payments in the Global South; on the other hand, explores the establishment of multilateral common new technology standards and rule systems with cooperative institutions to lay a rule foundation for cross-border payment networking; at the same time, it fully leverages the solid advantages of the UnionPay card network covering 183 countries and regions, promotes the compatibility of card base and account base networks, and provides global users with a seamless, convenient and safe payment experience.
The construction of a new pattern requires the collaborative efforts of emerging forces from all parties in the global industry and traditional institutions. China UnionPay will always adhere to the concepts of openness, inclusiveness and win-win, move forward side by side with emerging platforms and traditional financial peers, and seek solutions in the joint construction of standards.
The “greatest common denominator” weaves a “global network” in system compatibility, continues to deepen cooperation with global partners, builds a diverse and symbiotic retail payment network, creates a valuable future of mutual trust and interconnection, and contributes to UnionPay’s contribution to the sustainable development of the global economy.
