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.