BEIJING, China—The commercial, state-backed Bank of China (BOC) and financial services corporation China UnionPay (CUP) have entered into a partnership.
Per the terms of the agreement, the two parties will jointly explore blockchain technology applications for payment system development, Cointelegraph reported.
The partnership comes in response to market demand and regulatory requirements, giving rise to further opportunities for cooperation between the two parties in the field of cross-border mobile payments, Cointelegraph said.
The BOC and CUP will jointly investigate big data and distributed ledger technology deployment in order to improve mobile banking products, the companies stated.
Within the initiative, CUP aims to build a unified port for mobile integrated financial services, where cardholders will be able to use a QR code to spend, transfer and trade on a cloud flash payment app, Cointelegraph reported.
“The BOC will subsequently launch a promotional program of the payment system to provide customers with a ‘safer, more convenient and more efficient mobile payment service experience,’” Cointelegraph reported.