Core Insights - The ASEAN-GCC-China Economic Forum 2025 was held in Kuala Lumpur, Malaysia, with significant participation from UnionPay's leadership, highlighting the company's commitment to regional economic collaboration [1][4]. Group 1: UnionPay's Strategic Initiatives - UnionPay emphasizes its role as a key financial infrastructure and international card scheme, supporting national strategies and promoting regional trade and digital transformation in ASEAN and GCC countries [4][9]. - The acceptance network of UnionPay spans all ten ASEAN member states and all six GCC member countries, with over 90% merchant acceptance in ASEAN and nearly universal acceptance in GCC countries [5][6]. Group 2: Product and Service Expansion - More than 70 million UnionPay cards have been issued in ASEAN, with tailored products like the SplendorPlus Card for international visitors to China [7]. - UnionPay has launched over 40 digital wallets in response to the shift towards mobile payments, partnering with local banks and fintech companies [7]. Group 3: Cross-Border Payment Solutions - UnionPay has established partnerships with local payment networks in seven ASEAN countries, enhancing cross-border payment connectivity and contributing to the internationalization of the renminbi [8]. - The collaboration with Vietnam and Indonesia showcases UnionPay's commitment to government-to-government frameworks for payment interoperability [8]. Group 4: Economic Collaboration and Future Outlook - China, ASEAN, and GCC countries are enhancing cooperation through practical collaborations, with UnionPay positioned as a facilitator of economic digitization and regional integration [9]. - UnionPay aims to foster win-win partnerships and long-term value creation among China, ASEAN, and GCC nations [9].

Core Insights - UnionPay has significantly enhanced the cross-border QR payment interoperability between China and Cambodia, achieving over 200% year-on-year growth in QR payment value in Q1 2025, marking a record high [1][4]. Group 1: Partnership and Cooperation - The People's Bank of China (PBOC) and the National Bank of Cambodia (NBC) signed a Memorandum of Understanding in November 2023 to collaborate on financial innovation and payment systems [4]. - The QR payment connectivity project was implemented by UnionPay and Cambodian partners under the cooperation framework established by the two central banks [4]. Group 2: Payment System Expansion - In December 2023, UnionPay and NBC enabled payment acceptance on Cambodia's KHQR network for over 200 UnionPay partner wallets, including the UnionPay App and Chinese banking apps [4]. - The number of transactions in Q1 2025 grew by over 100% year-on-year, while the transaction value increased by over 200% [4]. Group 3: Cross-Border Payment Linkage - In March 2025, UnionPay and NBC announced the integration of Cambodia's Bakong wallets into UnionPay's global QR acceptance network and WeChat Pay's QR merchant network in China, establishing a two-way QR payment linkage with Southeast Asia [5]. - Bakong e-wallets have shown steady volume growth in various spending categories in China, becoming a preferred cross-border payment tool for Cambodian residents [5]. Group 4: Market Presence and Infrastructure - Since entering the Cambodian market in 2008, UnionPay has developed a comprehensive payment service system, with nearly all merchant POS terminals and 80% of ATMs in Cambodia accepting UnionPay cards [6]. - Local banks in Cambodia have issued hundreds of thousands of UnionPay cards, enhancing the acceptance network and local business offerings [6]. Group 5: Global Expansion and Future Plans - UnionPay has established or is advancing cross-border QR payment partnerships in 19 countries and regions, enabling over 10 million QR merchants overseas [7]. - The company aims to optimize payment experiences, expand merchant and user adoption for the two-way service, and deliver greater value to consumers [7].