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In a first-of-its-kind move between both parties in the cross-border remittance sector, UnionPay International signed a Memorandum of Understanding (MoU) with Tenpay Global, the cross-border payment arm of China's Tencent. This collaboration aims to innovate the delivery of international money transfer services and streamline cross-border capital flows.

Official Announcement at Hong Kong FinTech Week

The agreement was unveiled during Hong Kong FinTech Week, where both entities seek to leverage their digital networks and channels to boost transaction efficiency and lower last-mile remittance costs for beneficiaries, aligning with the economic boom and rising demand for international payment flows across the Asia-Pacific region.

"UnionPay MoneyExpress" Drives Collaboration Opportunities

The new partnership heavily relies on UnionPay International's core service, "UnionPay MoneyExpress," which provides comprehensive cross-border transfer solutions, including corporate payroll, international insurance payouts, and personal remittances. The service helps enterprises:

Reduce intermediary bank costs and simplify foreign exchange operations.

Improve operational efficiency and manage cross-border cash flows with higher accuracy.

Benefit from the service's expanded coverage across 14 Asia-Pacific Economic Cooperation (APEC) economies.

UnionPay reaffirmed its commitment to driving innovation and offering secure, efficient, and innovative global payment solutions tailored to the needs of individuals and businesses worldwide.