Visa approved by the People’s Bank of China to prepare a domestic bank card clearing institution
Visa Approved for Domestic Clearing After 40 Years in China
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Visa has received approval from the People’s Bank of China to prepare a bank card clearing institution in China, allowing it to formally begin the establishment process, but it has not yet been authorized to conduct clearing operations. Visa still needs to complete the subsequent steps stipulated by the People’s Bank of China before it can begin domestic bank card clearing operations.
The approval distinguishes between eligibility to prepare the institution and formal authorization to conduct clearing operations, and explains the regulatory steps Visa still needs to complete before entering China’s domestic bank card clearing market.
Source:Fintech News Hong Kong · fintechnews.hk