news flash·2025-07-07 10:23Core Viewpoint - The announcement of a cooperation memorandum between UnionPay International and ICBC Brazil aims to enhance cross-border QR code payment connectivity between China and Brazil, marking a significant step in facilitating cross-border RMB settlement in Brazil's retail financial sector [1] Group 1: Partnership Details - UnionPay International signed a cooperation memorandum with ICBC Brazil during the BRICS leaders' summit on July 6 [1] - The partnership will enable UnionPay's Cloud QuickPass app and partner wallets to conduct QR code payments directly within Brazil's PIX network [1] Group 2: Financial Implications - ICBC Brazil will serve as the RMB clearing bank in Brazil, providing cross-border QR code connectivity and RMB clearing services [1] - This initiative will be the first to achieve cross-border RMB settlement in Brazil's retail financial sector [1]