During his stay in Shanghai, Pierre Gramegna met with Shi Wenchao, president of China UnionPay, and management of Ant Financial.

The former is a Chinese leader in card payments which, according to a government press release, wants to operate in Europe by opening offices in Luxembourg through the subsidiary China UnionPay Merchant Services (China UMS).

Ant Financial, meanwhile, will participate in the Infrachain initiative, for which the Luxembourg government is a major player. It is expected to bring its expertise to blockchain distributed technologies in Luxembourg. No dates or further details about the projects were revealed by the government.

Gramegna said in a press release: "Today, Fintech is booming in China, and Luxembourg offers a favorable environment for the reception of Chinese companies active in this field who would like to establish themselves in the European market.”