UnionPay International, the Chinese payment card giant, has announced that its Moroccan branch has joined the Casablanca Finance City (CFC) ecosystem after obtaining the corresponding status. This move is a major step for the company to organize its African operations from Morocco, according to a statement.
The integration into CFC, a financial hub in Morocco, aims to structure UnionPay's cross-border payment activities and digital financial services across the African continent. The company plans to leverage Morocco's strategic location and CFC's business-friendly environment to expand its footprint in Africa.
UnionPay International is a subsidiary of China UnionPay, which is the world's largest payment card issuer by transaction volume. The company has been expanding its presence in Africa, where it has partnerships with several local banks and financial institutions to enable card acceptance and issuance.
The move aligns with Morocco's efforts to position itself as a regional financial center and attract international financial institutions. Casablanca Finance City was launched in 2010 to develop Casablanca as a leading financial hub in Africa.
