Kazakhstan, China Unite For Seamless Cross-Border E-Commerce Payment

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, September 2. To create a cross-border payment system in e-commerce, Kazakhstan and China have signed a memorandum of cooperation between Freedom Bank and UnionPay Business, Trend reports.

The signing of the document took place during the latest meeting of the Kazakhstan-China Business Council in Beijing, held as part of the visit of Kazakhstan's President Kassym-Jomart Tokayev to Beijing.

Freedom Bank and UnionPay Business aim to develop Kazakhstan-China cross-border e-commerce in the wholesale trade sector, as well as promote economic and trade exchange between Kazakhstan and China.

The meeting of the Kazakhstan-China Business Council was preceded by a meeting between Kazakhstan's President Tokayev and the President of China, Xi Jinping. The presence of Kazakhstan's leader at the Business Council meeting emphasized the high level of the event and gave an additional impetus to the development of bilateral relations. Representatives of major businesses from both sides were also present at the meeting, where they discussed establishing new and strengthening existing business ties, as well as prospects for cooperation in key economic sectors.

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

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