BEIJING, July 26 (Xinhua) – China’s UnionPay International and Standard Bank of South Africa inked a memorandum of understanding (MOU) on July 23 in Johannesburg.
The cooperation is expected to further advance the smooth flow of payments between China and Africa as well as promote trade and people exchanges, according to Ge Huayong, chairman with China UnionPay.
UnionPay will also cooperate with local institutions to accelerate the development of innovative products such as UnionPay QR Code and UnionPay cross-border B2B payment platform based on characteristics of local payment industry and consumer needs to achieve low cost and wide access finance that benefit African countries. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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