UnionPay International and TenPay Global, Tencent’s international payment platform, have signed a memorandum of understanding (MOU) to collaborate on international money transfers — their first partnership in that sector, announced during Hong Kong FinTech Week.
What Happened
Under the MOU, UnionPay International and TenPay Global said they will combine their existing networks, platforms and use cases to improve transaction efficiency and reduce “last-mile” transfer costs — the fees and delays that typically occur at the final leg of an international remittance, when funds reach a local bank or payment provider in the recipient’s country.
Who Is Affected
The partnership targets international payments infrastructure, not a specific consumer product yet — it matters most to people and businesses who regularly send money across borders, including for overseas property purchases or living costs, since lower last-mile costs on these rails could eventually lower what senders pay. UnionPay said the initiative builds on its existing MoneyExpress system, which already handles personal remittances, corporate payroll and international insurance payouts, and is deployed across 14 Asia-Pacific Economic Cooperation (APEC) economies.
Background
MoneyExpress lets corporate clients manage foreign-exchange conversion with fewer intermediary bank charges. The new MOU extends that infrastructure focus into a joint effort with TenPay Global rather than UnionPay acting alone.
What Comes Next
Neither company has published a specific fee-reduction figure, a product launch date, or which markets will see the collaboration first — the announcement describes a signed MOU and shared intent, not a live product. Zagdim will follow for a concrete rollout once one of the two companies discloses implementation details.
References
Asian Banking & Finance – UnionPay and TenPay target cross-border remittance costs
