According to the Bank of Communications, on August 28, the Bank of Communications and the Internet Clearing Company signed a memorandum of cooperation in Shanghai to officially launch cross-border RMB business cooperation. The two sides conducted in-depth discussions on topics such as deepening cross-border RMB business cooperation, optimizing payment service processes and customer experience, and expanding financial market business, and reached broad consensus on long-term cooperation areas such as joint product innovation, industry research, and artificial intelligence technology application research.

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