Freedom Bank and UnionPay signed a memorandum of cooperation in Beijing

The parties signed the document today during the session of the Kazakhstan-China Business Council in Beijing, which took place as part of President Kassym-Jomart Tokayev's visit to China.

Freedom Bank and UnionPay Business are focused on developing cross-border e-commerce in wholesale trade and strengthening economic relations between Kazakhstan and China.

The memorandum of cooperation is tripartite: between Freedom Bank, UnionPay Business, and the private company Verum Payments Limited. It was signed by Aidos Zhumagulov, a member of the Board of Directors of Freedom Bank, He Guoxing, General Director of UnionPay Business Payment Co., Ltd. Hebei Branch, and Rinat Berikbolov, General Director of Verum Payments Limited.

The signatories agreed to establish a Kazakhstan-China cross-border payment system for e-commerce and the digital economy through Freedom Bank. This process will be implemented with the support of the analytical center of advanced industries of the Xinhua News Agency and financial support from Polyking New Horizons Technology Industry Co., Ltd., a subsidiary of CITIC POLY FUND.

Previously, Freedom Bank and UnionPay International already launched acquiring services for UnionPay cards. Now, these cards can be used to pay for goods and services through POS terminals and on merchant websites connected to the Freedom Pay service. The service is available for all UnionPay cards issued both in Kazakhstan and abroad.

Source: Freedom Bank