Tencent, Visa Expand Partnership in Cross-Border Payments and AI

Tencent Holdings Ltd. and Visa Inc. signed a memorandum of understanding to expand cooperation in cross-border payments and enterprise artificial intelligence.

The agreement follows Visa’s preparatory approval in early October to establish a wholly foreign-owned bank card clearing business on the Chinese mainland. Analysts say the partnership could strengthen Tencent’s position against global payment rivals such as Alipay and UnionPay International.