From March 24 to 27, 2026, the 2026 Boao Forum for Asia Annual Conference opened grandly in Boao, Hainan.
Dong Junfeng, Chairman of China UnionPay, was invited to attend the annual meeting and was a guest speaker at the sub-forum “Building Diversified Cross-border Payments” on March 26, sharing UnionPay’s practical exploration and development thoughts in promoting the construction of a global diversified cross-border payment system.
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 not only interprets the new development characteristics of the current cross-border payment system, but also uses its rich global practice to provide UnionPay solutions for building a diverse and symbiotic international payment ecosystem, injecting new momentum into the development of cross-border payment interconnection in the Asia-Pacific and even the world.
In the context of the accelerating evolution of global changes over the past century, the cross-border payment system has shown 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. The interconnection models between emerging and existing facilities are constantly innovating.
China UnionPay is based on industry trends and carries out practice from the three dimensions of multi-currency settlement, infrastructure collaboration, and in-depth integration of scenarios to promote the development of “ecological coupling” in the cross-border payment ecosystem.
In terms of strengthening multi-currency settlement and supporting regional cooperation, China UnionPay has vigorously promoted QR code interconnection and cooperation with local payment networks in multiple overseas regions.
The implementation of bilateral local currency settlement models in key markets such as Indonesia and Vietnam effectively saves transaction costs, reduces the risk of exchange rate fluctuations, and provides more robust payment support for regional economic activities.
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, revitalizing 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 find ”
“The greatest common denominator”, weave a “global network” in system compatibility, continue to deepen cooperation with global partners, build a diverse and symbiotic retail payment network, create a valuable future of mutual trust and interconnection, and contribute UnionPay’s strength to promote the sustainable development of the global economy.
