Central Bank Deputy Governor: Progress on Cross-Border QR Code Payment Interconnectivity, Alipay Becomes One of the First Pilot Institutions

On September 17, at the 14th China Payment and Settlement Forum, Lu Lei, Deputy Governor of the People's Bank of China, revealed that significant progress has been made in the interconnection of cross-border QR code payments, with Alipay and Ant International, both under Ant Group, becoming the first batch of institutions to participate in the pilot of the cross-border QR code unified gateway business.

Lu Lei emphasized that the systemic risk threats in the current payment industry are increasing, with the scale of cross-border capital flows expanding and the frequency accelerating, while also providing opportunities for risks such as cross-border money laundering and terrorist financing. Some illegal overseas platforms transfer funds through channels such as virtual currencies and underground banks, creating a "resonance" of risks both domestically and internationally, posing challenges to China's foreign exchange management and financial security.