Bank of Communications and NetsUnion Clearing Sign MOU on Cross-Border RMB Cooperation
Bank of Communications and NetsUnion Clearing Corporation signed a memorandum of understanding in Shanghai on August 28 to launch cross-border RMB business cooperation. The partnership combines Bank of Communications' cross-border clearing capabilities with NetsUnion's network to enable two-way cross-border consumer payments, benefiting foreign visitors to China and individual overseas spending. The collaboration also includes joint product innovation, industry research, and AI technology applications.
On August 28, Bank of Communications and NetsUnion Clearing Corporation signed a memorandum of understanding in Shanghai, officially launching cross-border RMB business cooperation. The two parties held in-depth discussions on deepening cross-border RMB business collaboration, optimizing payment service processes and customer experience, and expanding financial market business. They reached broad consensus on long-term cooperation areas including joint product innovation, industry research, and artificial intelligence technology application research.
NetsUnion Clearing Corporation is an enterprise under the People's Bank of China and a national financial infrastructure, operating the world's largest retail payment clearing system by transaction volume. The cooperation combines Bank of Communications' cross-border clearing capabilities with NetsUnion's clearing network to achieve two-way connectivity for cross-border consumption, facilitating payments for foreign visitors to China and individual overseas spending.
Bank of Communications' Seoul branch, serving as the RMB clearing bank in South Korea, will cooperate with NetsUnion Clearing to facilitate the connection of major local partner institutions to the NetsUnion clearing platform, expanding the scale of cross-border settlement between China and South Korea. Going forward, Bank of Communications will work with NetsUnion Clearing to continuously improve a diversified, multi-tiered cross-border e-wallet payment network, supporting the development of Shanghai as an international financial center, high-level opening-up, and high-quality growth of the real economy.