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Pakistan, China to Collaborate in Developing a Better Digital Payment System

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Pakistan, China to collaborate in developing a better digital payment system Chine hosted a dialogue in Beijing on the 4th Belt and Road Service Trade Cooperation Forum in which various industry leaders participated and shared their views about the digital economy and digital payment system. Pakistan’s ambassador Moin ul Haque to China also attended the dialogue themed by Digital belt and Road.

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During the dialogue, the ambassador said, “Pakistan government is focusing on the development of e-commerce and China is the leading player in the world in the field of e-commerce”.

Moin added that last year, the e-commerce transactions of China amounted to $2 trillion, which is more than the added-up figure of e-commerce trades done in the US and Europe, saying that “we would like to promote our e-commerce infrastructure to benefit from this huge market, and to upgrade our telecommunication sector and modernize the e-payment system”.

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After Moin’s statement, the CEO of Airwallex Greater China, Wu Kai also joined the dialogue and discussed the digital payment development with Moin ul Haque.

Wu Kai said, “As a payment infrastructure builder, our payment services cover all Belt and Road countries with 50 supported currencies. As Pakistan’s e-commerce is developing fast, many of our customers, especially e-commerce customers, have frequent economic exchanges with Pakistan”.

Wu Kai added, “We can make payment more efficient with lower cost, and we can help customers control their financial risks.”

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The Airwallex CEO stressed the importance of the banking system during the development of the digital economy, saying that at the present moment, few Belt and Road countries don’t have adequate financial infrastructures. “The premise of our service is that payers and receivers both have bank accounts”, he added.

Wu Kai then said that we can build a solid foundation based on which other participants can develop their own payment applications or software. Our company is looking forward to cooperating with Pakistan and more Belt and Road countries to fully utilize each other’s complementary resources and advantages.

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“We can also share our experience to help other participants to take less detour. We hope to work with all Belt and Road countries to make our entire payment system more efficient,” he added.

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