Shenzhen Special Zone Daily, 11/25/11
Chinese banking network China UnionPay and internet giant Tencent (0700.HK) have signed a strategic framework agreement to partner on payment, value-added services (VAS), and overseas operations. Following the signing of the agreement, Tencent announced that its online payment subsidiary, Tenpay, will be a third-party payment option on UnionPay's online payment network. Value-added service cooperation will include mutual sharing of individual and corporate user resources and innovation of new VAS such as online payment applications and business models. Other priorities include facilitating transnational payments and expanding overseas services.