Mastercard has announced a collaboration between its money movement platform, Mastercard Move, and Bank of Shanghai to support bi-directional cross-border payments between China and global markets.
The integration allows funds to move into and out of China through Mastercard Move, enabling payments to Chinese bank accounts and facilitating outbound transfers to markets across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The collaboration is aimed at supporting businesses and individuals who require cross-border payment services.
China exports more than US$3 trillion annually, and SMEs depend on reliable cashflow to manage international supply chains.
Through the integration, Mastercard Move can deliver inbound cross-border payments directly into China’s banking network. This allows global SMEs to pay Chinese suppliers through local bank accounts.
The system supports transfers in multiple currencies, including Chinese yuan and US dollars. It processes payments through domestic clearing infrastructure such as the Cross-Border Interbank Payment System (CIPS).
For Chinese SMEs paying overseas suppliers, the arrangement provides access to Mastercard Move’s global payment network. This network enables transfers across multiple regions, with status tracking and settlement in yuan or US dollars.
The collaboration also expands outbound payments from China for personal use cases such as remittances and international education expenses.
Around 700,000 Chinese students study abroad each year, and the integration supports payments to overseas institutions and living expenses with faster processing and clearer foreign exchange handling.
“As a global hub for trade and remittances, China sits at the centre of how people and money move around the world,”
said Pratik Khowala, Global Head of Transfer Solutions at Mastercard.
“With this collaboration, we’re extending our multi-rail capabilities across cards, digital wallets and bank accounts to give banks and payment service providers across the world a single, trusted platform to send funds to China.”
Yu Minhua, Deputy President of Bank of Shanghai, said:
“By combining Bank of Shanghai’s strong local service capabilities with Mastercard Move’s global money movement network, we will deliver faster, more predictable cross‑border payments for both businesses and individuals.”
Featured image credit: Edited by Fintech News Hong Kong, based on image by Mastercard via LinkedIn