Hong Kong – UnionPay International has signed a Memorandum of Understanding (MOU) with Tencent‘s cross-border payment platform, TenPay Global, to explore collaboration on cross-border remittance services.
The agreement marks the first collaboration between the two companies in the cross-border remittance sector. It aims to improve the efficiency of international money transfers and reduce last-mile costs by combining their respective payment networks, platforms and use cases.
As part of the collaboration, the companies will explore ways to provide more convenient cross-border transfer services. The initiative comes amid growing demand for international money transfers as cross-border economic activity expands across the Asia-Pacific region.
UnionPay International will contribute its existing cross-border payment capabilities through UnionPay MoneyExpress, which supports personal remittances, corporate payroll and international insurance claim payouts.
For corporate customers, the service is designed to streamline foreign exchange conversions and reduce intermediary bank costs, helping businesses manage international fund transfers and improve operational efficiency.
The partnership adds to UnionPay International’s efforts to expand its international money transfer services for individual consumers and businesses. Further details on the services to be developed under the MOU were not disclosed.
