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China UnionPay, a payment card network backed by the Chinese government, says it has signed an agreement with the Hong Kong arm of United Kingdom-based financial institution HSBC that will lead to cross-promotion of card products and more cooperation on remittances. A UnionPay spokesperson confirmed the deal but declined to provide more details to CardLine Global. Some 3 million cards carrying the UnionPay brand circulate in Hong Kong and Macau, the payment network says. "This cooperation with HSBC is part of China UnionPay's business-expansion strategy," Jin Teng, a banking analyst for Beijing-based research company Analysys International, tells CardLine Global. "While China UnionPay [enjoys] a favorable policy environment in China, which allows it to work with international banks, HSBC has a global payment network."
