SHANGHAI, June 03, 2025 — UnionPay Chairman Dong Junfeng attended the ASEAN-GCC-China Economic Forum 2025 in Kuala Lumpur, Malaysia, from May 27-28. He participated in events including a lunch co-hosted by Malaysian Deputy Prime Minister Dato’ Seri Dr. Ahmad Zahid Hamidi and CCPIT Chairman Ren Hongbin, as well as the welcome ceremony and dinner reception. Dong also met with China Merchants Group Chairman Miao Jianmin and Bank of China Chairman Ge Haijiao, and exchanged views with executives from CCPIT, CNPC, China Unicom, COFCO Corporation, PICC, Lenovo, and China Henan Aviation Group.

During the forum, Dong Junfeng stated that UnionPay, as a vital financial infrastructure and international card network, is dedicated to “Trusted Ties, Shared Success.” It actively supports national strategies related to neighboring countries. UnionPay is collaborating with ASEAN and GCC industry partners to develop an inclusive payment ecosystem, facilitate regional trade and exchange, and promote the digital transformation of local payment industries, thus strengthening regional integration through financial services.

The UnionPay network is currently accepted in all ten ASEAN and all six GCC countries. In ASEAN, over 90% of merchants and ATMs accept UnionPay cards. In GCC countries like Saudi Arabia, the UAE, Qatar, and Bahrain, almost all merchants accept UnionPay. Many ASEAN and GCC countries also offer UnionPay mobile payment options. Chinese travelers, business people, and students can easily make payments and withdraw cash in ASEAN and GCC countries using familiar UnionPay options like bank cards, QR codes, and mobile payment solutions.

Beyond expanding its acceptance network, UnionPay is also localizing its services to support cross-border movement and industrial transformation. Over 70 million UnionPay cards have been issued in ASEAN countries, with five countries offering UnionPay’s SplendorPlus Card for international visitors to China. Addressing the growing use of mobile payments, UnionPay has partnered with local banks and fintech firms to launch over 40 digital wallets. UnionPay cards are also available in GCC countries like the UAE and Saudi Arabia. In February 2025, UnionPay partnered with Al Etihad Payments (AEP), the UAE’s national payments entity, to introduce UnionPay-Jaywan co-badged cards, aiming to integrate financial payment infrastructures. UnionPay cards issued in Thailand, the Philippines, Cambodia, Singapore, and Malaysia have seen increased usage in GCC countries such as the UAE, Saudi Arabia, and Qatar.

To support increasing cross-border payment connectivity globally, including in ASEAN, UnionPay has launched network interoperability solutions and has partnerships with local payment networks in seven ASEAN countries. These connections highlight UnionPay’s contributions to China-ASEAN payment collaboration. Linkages with Vietnam and Indonesia are being implemented under government frameworks guided by the People’s Bank of China and local central banks. In April 2025, UnionPay, NAPAS, ICBC, and Vietcombank agreed to advance China-Vietnam QR payment interoperability. In Indonesia, UnionPay, Ant International, and Bank of China Jakarta Branch are collaborating to expand UnionPay’s presence. These projects also support cross-border local currency settlement, promoting the internationalization of the renminbi. The Malaysia linkage, launched in 2023, has already shown results, with a fourfold year-over-year increase in transactions from UnionPay partner wallets at PayNet QR merchants in Malaysia from January to April 2025.

China, ASEAN, and GCC countries are collaborating to enhance solidarity, cooperation, and development across various sectors. There is a growing demand for payment industry transformation and greater interoperability. As a key payment infrastructure provider, UnionPay is dedicated to supporting these efforts by enabling economic digitization and international exchanges, pioneering regional integration and collaborative market development, and building open ecosystems for long-term value creation. UnionPay will continue to use its financial capabilities to promote mutually beneficial partnerships between China, ASEAN, and GCC nations.

Source: UnionPay

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