The payment industry morning report on June 4, 2026 brought a series of important news.
First of all, attention was paid to the Multilateral Central Bank Digital Currency Bridge (mBridge) system officially launched by the Monetary Authority of Macau on June 2. On that day, three of the first batch of Macau banks approved to carry out related businesses successfully completed the first batch of business on the bridge, with a total of 23 cross-border transactions, covering trade settlement, cross-border remittances, etc.
This move marks a new breakthrough in the field of cross-border payments and provides a more convenient payment method for regional economic exchanges.
Mastercard has also made major moves. On June 2, it announced a series of senior leadership adjustment plans. All personnel changes will officially take effect on August 3, 2026, covering core executive positions such as Chief Commercial Officer, Chief Financial Officer (CFO), Chief Service Officer and Vice Chairman.
At the same time, it disclosed executive remuneration details and retirement plans for senior executives, comprehensively optimizing the group’s top management structure and adapting to the global strategic development layout.
Among them, the CFO will be taken over by Ling Hai, the current president of Asia Pacific, Europe, Middle East and Africa. This adjustment is expected to bring new development ideas and motivation to Mastercard.
Standard Chartered Bank (Hong Kong) is about to launch the “Cross-border Payment Pass” service and is currently undergoing final testing.
This access means that all three major note-issuing banks in Hong Kong have accessed this system.
As of May 18, a total of 38 institutions have participated, including 24 participating institutions from Hong Kong and 14 participating institutions from the Mainland.
The continuous expansion of the “Cross-border Payment System” will further facilitate economic exchanges and payments between the mainland and Hong Kong.
On June 2, the People’s Bank of China agreed to increase the registered capital of China Unicom Payment to 300 million yuan.
The capital increase of payment institutions is a significant trend in the payment industry in recent years, which reflects changes in regulatory policies, the evolution of the market competition landscape, and the needs of payment institutions for their own development.
This move will help China Unicom Pay better cope with challenges in the market and enhance its competitiveness.
Kubao Payment also ushered in an executive reshuffle. On June 2, the People’s Bank of China agreed to change the general manager of Kubao Payment to Tao Weina, the deputy general manager to Bie Fei, the financial person in charge to Zhang Shaoxuan, and the compliance and risk control person in charge to Bai Hao.
It is worth noting that Kubao Payment and its parent company Beijing Shouhui Kaidesk Technology Co., Ltd. were once acquired by the listed company Vala (formerly known as “51 Credit Card”), but there were considerable disputes between the buyer and the seller, and the transfer of the equity was not completed in the end.
Internationally, the UK Payment Initiative (UKPI), a new payment institution jointly established by mainstream British banks and financial technology companies, was officially launched, marking the start of the process of building an independent payment system in the UK. It aims to break the long-term monopoly of the British payment market by US card organizations and reshape the regional cross-border and daily payment ecology.
In addition, on June 2, Cambodia and India officially launched the first phase of cross-border QR code payment services.
After the service is launched, Indian citizens in Cambodia can directly complete payment by scanning the QR code.
The payment system was developed by the National Payments Corporation of India (NPCI) in cooperation with ACLEDA Bank of Cambodia.
The Vietnamese government plans to develop the national digital identity app VNeID into a single platform that integrates digital storage of personal documents, electronic identity verification, online public services, digital wallets, social welfare distribution, and official communication channels between citizens and state agencies.
The payment function will be integrated with users’ bank accounts and e-wallets, and social welfare recipients can receive payments directly through the App, which will greatly improve the convenience of life for Vietnamese people.
