State-backed Bank of China (BOC) has signed a deal with financial services corporation China UnionPay (CUP) to jointly develop a blockchain-enabled payment system, according to a recent announcement.
According to BOC, the deal is in response to the growing demand for and regulatory requirements on blockchain applications in the real economy, and is designed to provide more extensive opportunities for cooperation between enterprises, particularly in cross-border digital payments.
“According to the agreement, the two parties will continue to take advantage of their respective fields, actively implement the requirements of mobile payment convenience demonstration projects, deepen all-round cooperation in the field of mobile payment, promote the healthy and rapid development of the payment industry, and provide intelligent, open, integrated and characteristic digital mobile finance f...
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