China UnionPay International and Visa Inc. signed a Memorandum of Understanding (MOU) in Shanghai today. The companies will collaborate on payment security, innovation, and financial inclusion, according to a release.

The Chinese government said last year that they would open up the market to foreign payment networks from June 2016. The latest MOU will allow Visa increased access to the market for bank card transactions.

“This is a unique collaboration between two leading industry players to address major challenges facing the payments industry,” said Visa’s CEO, Charlie Sharf. “We are excited to be working together on innovation as digital payments transform commerce, resulting in safer, faster and more convenient ways for consumers to pay.”

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Eva Xiao

Eva Xiao is a tech reporter based in Shanghai. Contact her at eva.xiao@technode.com or evawxiao (wechat & twitter).