UnionPay International has unveiled its latest advancements in artificial intelligence (AI) and digital finance at the 23rd China-ASEAN Expo, held on 17 September in Nanning, Guangxi. The event, which marks the fifth anniversary of the China-ASEAN Comprehensive Strategic Partnership, focused on integrating AI with the real economy to bolster regional economic cooperation.
UnionPay is leveraging Guangxi’s strategic position as a gateway to ASEAN to establish an AI finance innovation hub. This initiative includes developing financial corpora for AI training and enhancing cross-border risk governance through an AI-driven risk control system. The system has already reduced fraud rates by 90% in pilot banks, showcasing its effectiveness.
The UnionPay exhibition featured immersive experiences with intelligent in-vehicle systems and smart glasses, demonstrating the Agentic Payment Open Protocol (APOP) framework. This framework facilitates the integration of AI-powered payment services across various applications, highlighting AI’s role in transforming the financial sector.
UnionPay’s acceptance network now spans ten ASEAN countries, covering over 38 million QR merchants. Recent developments include the China-Indonesia QR payment linkage, which launched in June, and ongoing collaborations with Vietnam to harmonise payment standards. These efforts aim to enhance cross-border payment connectivity and support regional trade integration.
Additionally, UnionPay introduced the Nihao China App, an all-in-one platform for cross-border services. The app supports international mobile numbers and offers multilingual assistance, enabling seamless transactions for ASEAN businesses and consumers visiting China. This innovation underscores UnionPay’s commitment to expanding digital payment solutions and empowering industry partners.
