Visa approved to begin preparations to establish an onshore bank card clearing institution in China
Visa receives approval to begin preparations for a domestic business in China
AI-assisted source summary · not independently verified. Content standards
Visa has received approval from the People's Bank of China (中国人民银行) for its Application to Prepare, formally commencing preparations to establish an onshore bank card clearing institution in China. The approval only allows Visa to advance preparations in accordance with the requirements of the People's Bank of China; Visa must still complete the relevant procedures before it can conduct onshore bank card clearing business in China.
The approval distinguishes authorization to prepare from formal operations, while the materials also explain the regulatory procedures Visa must still complete to enter China's onshore bank card clearing market.
Source:Fintech News · fintechnews.org