Chinese Internet company Sina Corp announced on Thursday that it has reached a cooperation agreement with China UnionPay, a national bank card association, signaling the Internet giant's intent to enter the Internet payment business.

The two sides will strengthen cooperation on payment products and value-added ­services as well as marketing and promotions, Sina said in a statement.

Sina received a third-party payment license from the People's Bank of China on July 6, 2013 to conduct online payment services within the country.