Macau Pass Group and Hungary's Cardnet Entered into the BRIDGE Letter of Intent, Bringing Convenience to Cross-Border Payments for Travelers

EQS Newswire / 26/11/2024 / 16:59 UTC+8

This year marks the 75th anniversary of diplomatic ties between China and Hungary. Under the framework of the Belt and Road Initiative, the two countries have achieved significant progress in multi-sector cooperation, with dynamic economic and trade collaboration. This year also saw the elevation of bilateral relations to a New Era All-Weather Comprehensive Strategic Partnership, further deepening cooperation in areas such as infrastructure, fintech, and cross-border payments. Against this backdrop, on November 26, 2024, Macau Pass Group Holdings Limited ("Macau Pass Group") and Hungary's Cardnet Group ("Cardnet") entered into a Letter of Intent for cooperation on the Bilateral Retail Interconnective Digital Gateway Ecosystem (hereinafter referred to as "BRIDGE"). This initiative aims to facilitate cross-border, cross-system payments and seamless transactions for users in both Macao and Hungary, exploring new opportunities and scenarios for Sino-European financial cooperation.

The signing ceremony of the BRIDGE project was attended by Mr. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade, Sun Ho, Director and CEO of Macau Pass Group Holdings Limited and Dr. János Kóka, Director of Cardnet Group. During the ceremony, Mr. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade remarked, "The potential for Sino-Hungarian cross-border payment cooperation is immense. China's mobile payment technology is world-leading, and we look forward to seeing cross-border mobile payment applied more broadly in Hungary's tourism and service industries. The BRIDGE project, launched within the framework of the Digital Silk Road, will bring convenience to tourists from both countries and provide local merchants with more opportunities for digital transformation."

 
 

(Mr. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade (Middle), Sun Ho, Director and CEO of Macau Pass Group Holdings Limited (Left) and Dr. János Kóka, Director of Cardnet Group (Right), taking a group photo)

During the ceremony, Mr. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade remarked, "The potential for Sino-Hungarian cross-border payment cooperation is immense. China's mobile payment technology is world-leading, and we look forward to seeing cross-border mobile payment applied more broadly in Hungary's tourism and service industries. The BRIDGE project, launched within the framework of the Digital Silk Road, will bring convenience to tourists from both countries and provide local merchants with more opportunities for digital transformation."


Sun Ho, Director and CEO of Macau Pass Group Holdings Limited, stated: "As Macau's leading mobile payment platform, we are honored to become Cardnet's electronic payment partner in China, with strong support from the Hungarian government. The BRIDGE project, as its name suggests, aims to build a payment bridge connecting China and the world.  This initiative is driven not only by the national Digital Silk Road strategy but also by the steadfast support and continuous investment of the Macau SAR government in promoting moderate economic diversification and advancing modern finance. This year marks the 25th anniversary of Macau's return to the motherland. Through the BRIDGE project, we hope to fully leverage Macau's unique position as a gateway that is ‘rooted in the motherland and connected to the world.' Our goal is to establish a globally significant model for payment and inject fresh momentum into the global digitalization process."

Dr. János Kóka from Cardnet Group, added: "This partnership positions Hungary as a key gateway for Sino-European digital financial transactions, driving innovation and strengthening international cooperation."

Macau Pass Group Holdings Limited is a diversified group company engaged in various fields, including financial technology, payment services, local lifestyle services, tourism services, and cultural performances. Cardnet Group is a leading group of Hungarian digital payment integrators and service providers that services banks, retailers and merchant networks predominantly in Central and Eastern Europe and the Gulf region. Through the BRIDGE project, the two companies will combine their strengths, leveraging technological innovation and system integration to create a secure and efficient cross-border payment system. The project will initially focus on the tourism sector, providing tourists with convenient payment experiences, and gradually expand to retail, transportation, dining, ticketing, and public services. It will fully cover both online and offline scenarios while offering digital transformation solutions to local merchants.

BRIDGE, true to its name, is more than just a connection between payment networks in China and Europe—it's a gateway for fostering collaboration in the digital economy. As a key initiative under the framework of the Digital Silk Road, the BRIDGE project aligns with the core objectives of digital infrastructure development. It is set to inject new momentum into China-Europe trade and tourism while offering a replicable and innovative model for global payment interoperability.

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About Macau Pass Group Holdings Limited

Macau Pass Group Holdings Limited is a diversified group company engaged in various fields, including financial technology, payment services, local lifestyle services, tourism services, and cultural performances. Macau Pass Group is committed to continuous innovation and development, aiming to serve as a bridge connecting Macao with the world and promoting the common prosperity of the regional economy and culture. One of subsidiaries of Macau Pass Group, Macau Pass S.A, has issued the first contactless smart electronic payment card in Macao, the mCard, with a cumulative issuance exceeding five million cards, meeting the payment needs of all residents and tourists at nearly 30,000 payment points in Macao. Its sub-brand, MPay, registered users accounting for over 90% of the total local population and is also the local app with the highest daily active users in Macao. Macau Pass Group also operates a highly recognized and utilized membership points system in Macao, mCoin, which has partnered with various cultural, sports, and exhibition events. mPass integrates a variety of one-stop local services, providing consumers visiting Macao with a diverse range of products and services, including dining, cultural entertainment, transportation, shopping, and travel vacations, taking consumers to explore the vibrant life in Macao.
 

26/11/2024 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.

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