UnionPay International, a wholly-owned subsidiary of China UnionPay, has partnered with National Bank of Tajikistan to establish local bankcard switch network in Tajikistan.

Meanwhile, UnionPay has signed a memorandum of understanding on the construction of switch network with three Tajikistan banks – Spitamen, Eskhata and IBT.

The concerned parties will now jointly accelerate the implementation of the project that will further help to improve the country’s financial infrastructure.

China UnionPay president Shi Wenchao said: “UnionPay is willing to share its experience to assist Tajikistan in updating its payment network, reducing cash payment, developing innovative payment products and enhancing financial service capacity.

“With the support of the National Bank of Tajikistan, UnionPay will push forward the project with the local commercial banks to jointly build a switch network to promote the upgrading of Tajikistan’s payment industry and realize financial inclusion.”

National Bank of Tajikistan president Jamshed Nurmakhmadzoda said: “Tajikistan hopes to draw on the experiences of UnionPay to accelerate the development of non-cash payments, which will have positive impact on the country’s bankcard industry. Therefore, it is crucial to build a digital payment network.”