London, 28 October 2019 — Finablr, a global platform for payments and foreign exchange solutions, has signed a Memorandum of Understanding (MOU) with UnionPay International, a subsidiary of China UnionPay, for a potential cooperation to provide a range of global payments solutions to customers by combining the strengths of their networks.
UnionPay International, the largest payment scheme in the world by volume of transactions in 2018*, has issued close to 8 billion cards worldwide*. In 2018, Finablr processed over 150 million transactions, managing nearly US$115 billion in volume for its customers.
As a part of the arrangement, UnionPay cardholders will be able to access a range of services offered by Finablr’s global network of trusted brands across various markets. For UnionPay International, the partnership will accelerate its international network expansion by leveraging Finablr’s omnichannel capabilities and global reach. Additionally, UnionPay International will integrate its network with Finablr’s payments technology platform to offer visitors to China secure and reliable cashless payments.
Under the MOU, Finablr and UnionPay International will collaborate in the following areas of mutual interest:
- Cross-border Payments: Interconnectivity between MoneyExpress, the UnionPay remittance platform, and Finablr’s payments engine to facilitate cross-border payments into mainland China from international markets.
- Digital Wallets: Interconnectivity between digital wallets operated by UnionPay or its partner banks with Finablr’s payments technology solutions to facilitate cashless spending by foreign visitors in mainland China.
- VAT Refund: Shopping and digital VAT refund solutions for Chinese tourists visiting some of the major international destinations.
- Digital Shopping and Gifting: Facilitating cashless payments for overseas spending by Chinese travellers via digital gifting solutions offered by Finablr company Swych, within the UnionPay app, to make purchases across a global network of retailers.
- ATM Networks: Acceptance of UnionPay cards at ATM networks owned and managed by Finablr.
Commenting on the proposed partnership, Mehul Desai, Group Chief Technology Officer at Finablr, said, “Our goal is to facilitate seamless access for consumers and businesses to the new economy. Through our collaboration with UnionPay International, we will bring to market innovative solutions that benefit billions of UnionPay cardholders as well as hundreds of millions of international consumers spending in or sending money into China.”
Larry Wang, Vice President of UnionPay International, said, “As the bankcard scheme that serves the world’s largest cardholder base, UnionPay is committed to providing safer and easier payment services to our growing global cardholders and merchants. We are excited to leverage Finablr’s global presence and their portfolio of payments technology solutions to realise our vision of further expanding the reach of our network to international markets and consumers.”
*Source: Nilson Report, Issue 1154