The financial services and technology group Freedom Bank has entered into a cooperative agreement with UnionPay Business to bolster cross-border e-commerce between Kazakhstan and China.

Agreement Details

This cooperation was formally announced during the Kazakhstan-China Business Council meeting in Beijing. The memorandum aims primarily at supporting the growth of cross-border e-commerce within the wholesale sector, thereby enhancing economic and trade interconnectivity between the two countries.

The agreement involved three key entities—Freedom Bank, UnionPay Business Payment Co., and Verum Payments Limited.

Project Plans

Through this initiative, the partners aim to establish a settlement system for e-commerce between China and Kazakhstan, facilitated by Freedom Bank. The project will be supported by the Advanced Industry Research Center of Xinhua News Agency and funded by Polyking New Horizons Technology Industry Co., Ltd., a subsidiary of CITIC POLY FUND.

Furthermore, Freedom Bank is committed to helping UnionPay Business expand its presence in Central Asia. Additionally, UnionPay Business will provide technical support to Freedom Bank, including establishing payment channels and offering correspondent accounts denominated in yuan and USD with Chinese financial institutions.

Freedom Bank officials highlighted that the collaboration is intended to strengthen Kazakhstan-China economic relations by investing in future developments and infrastructure expansion. By creating advanced payment systems, both companies are aiming to lay the groundwork for digital trade, providing new opportunities for businesses and consumers across both regions.

Previously, Freedom Bank had launched a service allowing UnionPay cardholders to make payments through POS terminals and merchant websites connected to its Freedom Pay service. This solution is available for all UnionPay cards issued in Kazakhstan as well as internationally.