UnionPay preps for expansion in Central Asia

State-backed payment service firm UnionPay is preparing to install thousands of point-of-sales machines and clearing and settlement networks in Central Asia as it seeks to offer payment services in countries like Kazakhstan in line with the Chinese government’s international infrastructure initiative known as “One Belt, One Road,” South China Morning Post reported, citing a statement from the company’s president, Shi Wenchao. “By accelerating card issuance in countries such as Kazakhstan and Pakistan, we are cultivating new markets and expanding business as people there use our services,” said Cai Jianbo, chief executive of UnionPay International.