On November 28, 11 cross-border payment cooperation documents were signed in Shanghai, China, between UnionPay and 11 major institutions, including the Bank of China, PayNet (Malaysia), Uzcard (Uzbekistan), HUMO (Uzbekistan), IPC (Kyrgyzstan), Hong Leong Bank (Malaysia), OCBC Bank (Singapore), Banco do Brasil (Brazil), FonePay (Nepal), and Bluecode (Austria).

These signings were key achievements of the UnionPay Global Partners Conference 2025 - Innovations in Open Payments: Sharing Success in Payment Connectivity. The event gathered representatives from 72 organizations worldwide, including central banks, commercial banks, and payment institutions to witness a broader range of achievements.

Bridging Borders: a Connected Global Payment Network

Amid evolving global trade and economic dynamics, a cross-border and connected payment systems has become an international consensus. Starting in Asia, UnionPay launched payment connectivity collaborations with partners in Thailand, Vietnam, Laos, Indonesia, Malaysia, Cambodia, and Singapore, later expanding to South America and Africa. In total, UnionPay is working with partners in about 50 countries and regions worldwide to build a connected global payment network.

As Mr. Dong Junfeng, Chairman of China UnionPay and UnionPay International stated in his remarks, tens of millions of micro, small, and medium-sized merchants worldwide now have access to UnionPay's inclusive and extensive global network, unlocking China's huge consumer markets, vitalizing global economic. Building a connected global network is a long-term, collective endeavor. UnionPay pursues mutually beneficial partnerships that leverage strengths of both issuing and acquiring sides for industry shared growth and fair profits distribution.

Shared Value: an Open and Inclusive New Four-Party Model

To adapt to the evolving payment industry, UnionPay has been building an open and inclusive New Four-Party Model. Integrating bilateral and multilateral connections, the new model incorporates extended stakeholders, including account providers such as wallet operators and mobile device manufacturers, as well as acceptance side players like acquiring service providers and aggregators.

The Industrial and Commercial Bank of China (ICBC) Card Center has long collaborated closely with UnionPay. In November 2025, it became the first bank to issue the UnionPay multi-currency card in Turkey. In the China-Vietnam QR payment linkage project, the two enabled reciprocal acceptance of merchant QR codes, exemplifying payments' role in advancing Bilateral exchanges.

Mr. Setiawan Cosmas Suwono, Head of Committee - International Payment Systems at the Indonesian Payment System Association (ASPI), noted that QRIS -- Indonesia's national QR code standard was launched in 2019. This year, ASPI and UnionPay signed an MOU and initiated system integration and mutual recognition of standards, enhancing cross-border payment speed and transparency.

As part of the ASPI project, Bank of China Jakarta Branch provides local currency settlement, exemplifying how stakeholders can play their roles in making international payments more efficient, secure, and convenient.

Mr. Sidney D. Massunaga, Head of Assets and Liabilities, Wealth and Personal Banking at HSBC, cited the HSBC Pulse UnionPay Dual Currency Diamond Credit Card and the PayMe wallet as iconic collaboration, drawing on their strengths in customer reach, use cases, and service capabilities to deliver smoother and more cost-effective payment solutions. HSBC will continue working with UnionPay to enhance payment connectivity.

During the Conference, Mr. Guo Dayong, Vice Chairman and President of China UnionPay, announced the Joint Initiative on Open Payments. 72 institutions committed to a connected and value-sharing global payment network upholding openness, mutual benefits, standards compatibility, security, and controllability.

For Future: AI Adoption in Payments

Efficiency and security are the twin pillars of payment requiring equal emphasis. While cross-border connectivity benefits tens of millions of small and medium-sized merchants, longer transaction chains and complex data pose new challenges to risk management. The risk profile of cross-border payments differs markedly from that of local transactions. Tracing high-risk activities such as money laundering and detecting fraud accurately have become a key concern for regulators and financial institutions around the world.

"UnionPay's solution is AI," said Mr. Dong Junfeng. Existing large AI models can verify merchant authenticity using a single photo, and outperform human judgment in monitoring high-risk transactions. By accurately reconstructing fund flows, such models have reduced the time to respond to cross-border fraudulent transactions from two or three days to just one day.

Also AI is profoundly transforming the entire payment value chain, making payments smarter, faster, and more efficient. UnionPay is fostering an AI ecosystem through joint innovation with research institutes, industry partners, and leading universities, sharing outcomes to drive industry-wide AI-powered growth.

Guided by the vision of "Trusted Ties, Shared Success", UnionPay will continue collaborating with global partners under the New Four-Party Model to build an efficient and secure connected global payment network. It aims to support global payment industry development and ensure the real economy and users worldwide can benefit from fast, safe, and reliable payment services.