SHANGHAI: HBL and UnionPay International (UPI) signed a Memorandum of Understanding (MoU) on strategic cooperation, at the UnionPay Headquarters in Shanghai, China.
Muhammad Nassir Salim, President and CEO – HBL and Larry Wang, Deputy Chairman and CEO – UnionPay International represented their respective institutions. The MoU marks a significant step towards strengthening digital payments and payment capabilities in Pakistan.
The strategic cooperation will support the growth of digital payments in Pakistan, with a focus on expanding card issuance and transaction volumes and advancing digital payment capabilities. The collaboration will also explore opportunities for joint customer acquisition, marketing and engagement, leveraging HBL’s strong customer reach alongside UnionPay’s international network.
The cooperation builds on HBL’s long-standing relationship with UnionPay International. HBL has been issuing UnionPay debit cards since 2013 and has issued more than 1.8 million UnionPay debit cards since then. HBL is also the only issuer from Pakistan with permanent representation on the UnionPay International Council.
UnionPay is a major global payment and financial services provider established in China in 2002.
China is a cornerstone of HBL’s international footprint. As the only Pakistani bank with branches in both Beijing and Urumqi, HBL continues to strengthen financial connectivity between Pakistan and China. From facilitating Pakistan’s inaugural Panda Bond issuance to being nominated as the Chair of the Council of the Interbank Consortium of the SCO (SCO IBC) for the forthcoming year 2026 – 2027, HBL continues to strengthen its footprint in the Chinese financial ecosystem.
Copyright Business Recorder, 2026
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