UnionPay International, which runs UnionPay’s overseas business, said during Hong Kong FinTech Week on November 6 that it had signed a memorandum of understanding with Tencent’s TenPay Global.

The agreement aims to explore cross-border remittance services through their payment networks and platforms.

UnionPay International said the agreement, its first cross-border remittance collaboration with TenPay Global, was intended to improve transfer efficiency and reduce last-mile costs.

TenPay Global focuses on cross-border payments within Tencent’s wider payments ecosystem.

UnionPay International offers cross-border remittance services through MoneyExpress, which UnionPay said was available in 14 Asia-Pacific Economic Cooperation economies.

🔗 Source: UnionPay International

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