UnionPay presents cross border payment systems at 23rd CAEXPO in Nanning
Financial services provider UnionPay demonstrated digital payment settlement solutions during the 23rd China ASEAN Expo in Nanning to facilitate cross border commercial transactions between China and Southeast Asia
On September 17, the 23rd China-ASEAN Expo commenced in Nanning, Guangxi. UnionPay Chairman Dong Junfeng attended the event and engaged in the China-ASEAN Financial Cooperation and Development Forum. The expo centered on the advancement of the China-ASEAN Free Trade Area 3.0 and commemorated the fifth anniversary of the China-ASEAN Comprehensive Strategic Partnership.
UnionPay utilized AI technology and interconnectedness to enhance the efficacy of China-ASEAN economic and trade cooperation, propelling the advancement of the digital ecosystem. Leveraging AI-driven risk control systems, UnionPay intensifies cross-border risk governance. The Out-of-Band (OOB) enhanced authentication implementation resulted in a 90% reduction in fraud rates for pilot banks compared to pre-deployment levels.
UnionPay is also working with overseas terminal producers to upgrade their devices, minimizing cross-border payment risks and enhancing the security and usability of cross-border financial services. The expo showcased an immersive experience zone for intelligent in-vehicle systems and smart glasses, highlighting how the Agentic Payment Open Protocol (APOP) framework enables the seamless integration of services and AI-powered payments across various use cases.
The UnionPay exhibition area featured presentations on the financial AI product cycle, from research and development in Beijing, Shanghai, and Guangzhou, to integration in Guangxi, and finally to application in ASEAN nations. UnionPay's acceptance network extends to ten ASEAN countries, accommodating over 38 million QR merchants in the region.
Through government-to-government cooperation, UnionPay has established the China-Indonesia QR payment linkage, expanding UnionPay's overseas QR merchants to over 46 million. UnionPay is broadening its service offerings to meet the demands of cross-border expansion and industrial chains, leveraging its integrated information service platform for cross-border B2B transactions to develop digital payment solutions for emerging business models.
The Nihao China App was launched, allowing users to pay via mainstream Chinese QR codes without linking a Chinese bank card, providing multilingual assistance across 27 languages, and streamlining departure tax refunds for travelers.
Written by urgent.news from Vietnam Investment Review's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
