Visa approved to set up China bank card clearing unit
AI-generated briefing · First published
Visa received PBOC approval to prepare a bank card clearing institution in China, marking a milestone after 40 years of operations.
Visa announced it has received approval from the People's Bank of China to prepare a bank card clearing institution in China, allowing it to conduct domestic clearing operations once licensed. [1] [2]
CEO Ryan McInerney called the approval an important milestone and said Visa will follow PBOC regulations to begin operations. The move follows Visa's 2020 application and comes ahead of the APEC Leaders' Meeting. [1] [2]
Sources
- Visa 中国获批筹备银行卡清算机构
ITHome · · Summary only
- Visa gets Beijing's green light for bank card business after 40 years of working with China
CNBC · · Full text