TOPIC

/ company

UnionPay

The latest news, analysis and opinion on UnionPay. In-depth analysis, industry insights and expert opinion.

Chairman / President

Cai Jianbo

CEO / Managing Director

Li Xiaofeng

CFO / Finance Director

Zhong Xiaohui

Industry

financial Services

Website

unionpayintl.com

Headquarters address

Building B, No. 498 Guoshoujing Road, Pudong, Shanghai, China

Year founded

2002

Freedom Holding founder and CEO Timur Turlov takes part in the 10th Belt & Road Summit held in Hong Kong on Wednesday. Photo: Elson Li

E-commerce

China-Kazakhstan cross-border e-commerce ties to grow: Freedom Holding CEO

Kazakhstan has been the primary destination for China’s Belt and Road Initiative investments in the first six months of 2025.

11 Sep 2025 - 7:00AM

Apple

Apple eyes Douyin Pay for China App Store while speculation swirls on new iPhone

13 Aug 2025 - 9:00PM

Huawei

Huawei’s new algorithm could cut China’s reliance on foreign memory chips

12 Aug 2025 - 5:00PM

Huawei

Huawei to unveil tech to cut China’s reliance on HBM chips: report

While China’s top memory chip manufacturers are making progress, they still lag behind US and Korean rivals such as Micron and SK Hynix.

11 Aug 2025 - 6:01PM

A Huawei booth during the World Artificial Intelligence Conference in Shanghai, China, last month. Photo: Reuters

Fintech

Hong Kong-based fintech LianLian Global’s Middle East expansion pays off

Firm expects Dubai operations to contribute 10 per cent of its payment transaction volume in the first year of operations, Hong Kong head says.

16 Jun 2025 - 7:50PM

GBA Development Plan fifth anniversary

Expanding tax reforms to fuel GBA’s market integration

How preferential policies and the convenience of online cross-border payments have made life easier for those working outside their home region

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China's economic recovery

China’s payment vow an ‘easy but marginal win’ as overseas concerns remain

China’s State Council vows to further support policies to optimise payment methods and pledges wider support for currency exchange services as part of efforts to address hurdles faced by foreigners.

9 Mar 2024 - 8:00AM

Non-mobile users and foreigners who are unable to use payment methods such as Alipay and WeChat Pay without a local bank account still face hurdles in China.Photo: Xinhua

Ukraine war

Chinese banks ‘refrained’ from dealing with Russia over sanctions fears

Russian officials say they are working ‘to solve’ the issue after reports some Chinese financial institutions had suspended transactions.

11 Feb 2024 - 9:00PMvideocam

Hong Kong transport

More Hong Kong taxis to accept cashless payments under trial for new meter

New system linking meter to e-payment modes will be tested under pilot phase, developers say.

31 Jan 2024 - 7:28PM

Hong Kong economy

Hong Kong ‘lagging behind’ in e-payments as Octopus, cash still dominate

Some platforms have grown in popularity since pandemic, but merchants complain about relatively high transaction fees for e-payment systems, say they prefer cash.

26 Jan 2024 - 8:44AM

Hong Kong healthcare and hospitals

Plastic surgeon killed in Wan Chai collision credited for steering Hong Kong sector

Dr Wilson Ho, 59, is remembered by peers and patients as kind, caring and a pioneer in the field.

17 Jan 2024 - 9:58AM

Hong Kong transport

Hong Kong taxis with Octopus readers to accept payment through 2 QR code wallets

Octopus says it will open up its payment networks for the first time in 26 years to UnionPay, Alipay and AlipayHK.

11 Jan 2024 - 10:54PM

Singapore

Singapore restricts remittances to China after US$10 million in funds frozen

The three-month suspension follows reports of remittances through Singapore being frozen in beneficiaries’ bank accounts in China by law enforcement agencies.

19 Dec 2023 - 1:44PM

Blockchain

Blockchain-managed IDs arrive in China with new government-backed scheme

A new system from China’s Blockchain-based Service Network and the Ministry of Public Security uses real-name verification for cryptographic keys published on a blockchain.

14 Dec 2023 - 2:00PM

A new project in China uses real-name verification and public keys published on a blockchain to create a digital ID that citizens can use across platforms without revealing personal information. Photo: Shutterstock

Tencent

Tencent ties up with Big Telcos in latest breach of ‘walled garden’

Users of digital wallets from China Mobile, China Telecom and China Unicom can now make payments by scanning WeChat QR codes, in Tencent’s latest effort to improve interoperability of tech services under Beijing’s directive.

11 Nov 2023 - 6:30PM

Users of digital wallets from China Mobile, China Telecom and China Unicom can now make payments by scanning WeChat QR codes. Photo: AFP

Blockchain

US lawmakers target Chinese blockchains in Web3 decoupling push

Two US House representatives introduced a bill barring executive agencies from contracting with China-based blockchain firms, which have in turn invited the legislators to examine their code.

9 Nov 2023 - 9:30PM

Fintech

Hong Kong fintech player aims to end cash-only taxis with new payment platform

Wonder, a subsidiary of Bindo Labs, is determined to put its system, which accepts forms of payment including Visa, Mastercard, Alipay and UnionPay, into 10,000 taxis in a year’s time.

5 Nov 2023 - 2:00PMvideocam

Hong Kong transport

‘Old-fashioned’: Hong Kong taxi sector leader urges cabs to install e-payment system

Chau Kwok-keung, chairman of Hong Kong Taxi and Public Light Bus Association, says he will spend HK$1 million to offer free installation of e-payment system.

4 Nov 2023 - 7:30PM

Each system costs about HK$2,700 and is embedded into the taxi’s meter. Photo: Edmond So

Hong Kong economy

New CEO of Hong Kong’s Octopus aims to shift service ‘from plastic to phone’

Tim Ying says company was gearing up to meet the needs of the new generation by investing more in mobile operations.

1 Oct 2023 - 8:00AM

China-Africa relations

Why a growing number of Chinese investors are looking to Africa’s tech space

Size of continent – where 60 per cent of the population is under 25 – is the biggest motivation, fintech executive says.

6 Jul 2023 - 2:00PMvideocam

China-Russia relations

‘Cool summer in St Petersburg’: Russia comes calling but will Chinese be swayed?

New e-visa system and more Chinese signage are among tourist-friendly moves, but security concerns, as with the recent Wagner rebellion, remain.

30 Jun 2023 - 3:06PMvideocam

Visitors from China take a selfie in St Petersburg. Russia was one of the top destinations for Chinese tourists before the coronavirus pandemic. Photo: AFP

Trending in China

Bare-faced scam: facial recognition ruse tricks Chinese boy, 10, out of US$2,800

The perils of online fraud and child mobile phone addiction have once again been highlighted by the case of a Chinese boy who tried to collect “free gaming skins” from a live streamer and ended up losing US$2,800 to scammers.

16 Jun 2023 - 11:43AM

Fraudsters running a “free gaming skins” racket scammed a 10-year-old by in rural China out of US$2,800, reigniting concerns about internet crime and child mobile phone addiction. Photo: SCMP composite

Banking & finance

Airwallex secures China online payments licence via acquisition

Airwallex acquired 100 per cent of online payments and information services firm Guangzhou Shang Wu Tong Network Technology and it is now a third-party payments provider in China.

8 Mar 2023 - 7:30AM

Hong Kong transport

‘Hong Kong’s Octopus to invest millions in technology, consumption voucher offers’

Octopus has no plans to seek initial public offering, non-executive chairwoman Jeny Yeung says.

8 Mar 2023 - 10:21AM

Clockenflap Music Festival

Everything you need to know about Clockenflap 2023 festival in Hong Kong

The Clockenflap 2023 festival features big-name bands including Phoenix, Arctic Monkeys, FKJ, Wu-Tang Clan and the Cardigans. Find out how to get there, and more, in our extensive guide.

3 Mar 2023 - 9:50AM

Wu-Tang Clan are appearing at Clockenflap 2023. Photo: Daniel Knighton/Getty Images

Asia travel

Destinations known | ChatGPT vs actual experts on how to attract new wave of Chinese tourists

Big-city thrills, nighttime activities and adventure tourism are all ways to attract Chinese tourists in 2023 and beyond, experts say – or you could put pictures of pandas on all currency.

1 Feb 2023 - 1:28PM

Macau’s just-opened ZipCity zipline attraction offers evening excursions over Cotai accompanied by an audiovisual show illuminated by more than 100,000 LED lights. Night tourism is expected to be a significant draw as Chinese tourists return to global destinations. Photo: ZipCity

Blockchain

Company behind China’s Blockchain Service Network wants a Swift for stablecoins

The new blockchain project facilitates cross-border payments between stablecoins with plans for central bank digital currencies.

26 Jan 2023 - 6:23PMvideocam

Shanghai

Can ‘peanut’ e-coupon lottery save Shanghai’s Covid-hit retail economy?

Can 1 billion yuan (US$140.5 million) of e-coupons save Shanghai’s battered retail industry? It’s peanuts, but a good start nonetheless, analysts say.

4 Oct 2022 - 12:36PMvideocam

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UnionPay

China-Kazakhstan cross-border e-commerce ties to grow: Freedom Holding CEO

Kazakhstan has been the primary destination for China’s Belt and Road Initiative investments in the first six months of 2025.

Apple eyes Douyin Pay for China App Store while speculation swirls on new iPhone

Huawei’s new algorithm could cut China’s reliance on foreign memory chips

Huawei to unveil tech to cut China’s reliance on HBM chips: report

While China’s top memory chip manufacturers are making progress, they still lag behind US and Korean rivals such as Micron and SK Hynix.

Hong Kong-based fintech LianLian Global’s Middle East expansion pays off

Firm expects Dubai operations to contribute 10 per cent of its payment transaction volume in the first year of operations, Hong Kong head says.

.css-f84qeq{font-family:Roboto Condensed,Roboto Condensed fallback,sans-serif;font-style:italic;}Expanding tax reforms to fuel GBA’s market integration

How preferential policies and the convenience of online cross-border payments have made life easier for those working outside their home region

China’s payment vow an ‘easy but marginal win’ as overseas concerns remain

China’s State Council vows to further support policies to optimise payment methods and pledges wider support for currency exchange services as part of efforts to address hurdles faced by foreigners.

Chinese banks ‘refrained’ from dealing with Russia over sanctions fears

Russian officials say they are working ‘to solve’ the issue after reports some Chinese financial institutions had suspended transactions.

More Hong Kong taxis to accept cashless payments under trial for new meter

New system linking meter to e-payment modes will be tested under pilot phase, developers say.

Hong Kong ‘lagging behind’ in e-payments as Octopus, cash still dominate

Some platforms have grown in popularity since pandemic, but merchants complain about relatively high transaction fees for e-payment systems, say they prefer cash.

Plastic surgeon killed in Wan Chai collision credited for steering Hong Kong sector

Dr Wilson Ho, 59, is remembered by peers and patients as kind, caring and a pioneer in the field.

Hong Kong taxis with Octopus readers to accept payment through 2 QR code wallets

Octopus says it will open up its payment networks for the first time in 26 years to UnionPay, Alipay and AlipayHK.

Singapore restricts remittances to China after US$10 million in funds frozen

The three-month suspension follows reports of remittances through Singapore being frozen in beneficiaries’ bank accounts in China by law enforcement agencies.

Blockchain-managed IDs arrive in China with new government-backed scheme

A new system from China’s Blockchain-based Service Network and the Ministry of Public Security uses real-name verification for cryptographic keys published on a blockchain.

Tencent ties up with Big Telcos in latest breach of ‘walled garden’

Users of digital wallets from China Mobile, China Telecom and China Unicom can now make payments by scanning WeChat QR codes, in Tencent’s latest effort to improve interoperability of tech services under Beijing’s directive.

US lawmakers target Chinese blockchains in Web3 decoupling push

Two US House representatives introduced a bill barring executive agencies from contracting with China-based blockchain firms, which have in turn invited the legislators to examine their code.

Hong Kong fintech player aims to end cash-only taxis with new payment platform

Wonder, a subsidiary of Bindo Labs, is determined to put its system, which accepts forms of payment including Visa, Mastercard, Alipay and UnionPay, into 10,000 taxis in a year’s time.

‘Old-fashioned’: Hong Kong taxi sector leader urges cabs to install e-payment system

Chau Kwok-keung, chairman of Hong Kong Taxi and Public Light Bus Association, says he will spend HK$1 million to offer free installation of e-payment system.

New CEO of Hong Kong’s Octopus aims to shift service ‘from plastic to phone’

Tim Ying says company was gearing up to meet the needs of the new generation by investing more in mobile operations.

Why a growing number of Chinese investors are looking to Africa’s tech space

Size of continent – where 60 per cent of the population is under 25 – is the biggest motivation, fintech executive says.

‘Cool summer in St Petersburg’: Russia comes calling but will Chinese be swayed?

New e-visa system and more Chinese signage are among tourist-friendly moves, but security concerns, as with the recent Wagner rebellion, remain.

Bare-faced scam: facial recognition ruse tricks Chinese boy, 10, out of US$2,800

The perils of online fraud and child mobile phone addiction have once again been highlighted by the case of a Chinese boy who tried to collect “free gaming skins” from a live streamer and ended up losing US$2,800 to scammers.

Airwallex secures China online payments licence via acquisition

Airwallex acquired 100 per cent of online payments and information services firm Guangzhou Shang Wu Tong Network Technology and it is now a third-party payments provider in China.

‘Hong Kong’s Octopus to invest millions in technology, consumption voucher offers’

Octopus has no plans to seek initial public offering, non-executive chairwoman Jeny Yeung says.

Everything you need to know about Clockenflap 2023 festival in Hong Kong

The Clockenflap 2023 festival features big-name bands including Phoenix, Arctic Monkeys, FKJ, Wu-Tang Clan and the Cardigans. Find out how to get there, and more, in our extensive guide.

.css-1m2rp1p{color:#34b8b5;}Destinations known | ChatGPT vs actual experts on how to attract new wave of Chinese tourists

Big-city thrills, nighttime activities and adventure tourism are all ways to attract Chinese tourists in 2023 and beyond, experts say – or you could put pictures of pandas on all currency.

Company behind China’s Blockchain Service Network wants a Swift for stablecoins

The new blockchain project facilitates cross-border payments between stablecoins with plans for central bank digital currencies.

Can ‘peanut’ e-coupon lottery save Shanghai’s Covid-hit retail economy?

Can 1 billion yuan (US$140.5 million) of e-coupons save Shanghai’s battered retail industry? It’s peanuts, but a good start nonetheless, analysts say.

Expanding tax reforms to fuel GBA’s market integration

Destinations known | ChatGPT vs actual experts on how to attract new wave of Chinese tourists