BEIJING, Nov. 20, 2023 (Xinhua) — China’s central bank announced on Sunday that it and the National Financial Supervision Authority have approved a request from the Chinese MasterCard joint venture to conduct bank card clearing operations in the country.
The People’s Bank of China said that MasterCard InUnion Clearing Information Technology (Beijing) Co., Ltd., a joint venture between MasterCard and NetUnion Clearing Corporation, can authorize its member institutions to issue MasterCard-branded yuan bank cards in China.
MasterCard is the second overseas bank card clearing house to enter the Chinese market. In 2020, China’s central bank approved a request from American Express’s Chinese joint venture to conduct such business in the country.
Insiders said that the decision shows China’s determination to open up more widely to the outside world.
The People’s Bank of China said it will step up work to facilitate access to bank card clearing markets in an orderly manner, while improving the regulatory framework to strike a balance between development and security.
Experts pointed out that this step is conducive to building a stable bank card clearing market structure with effective competition and deepening the structural reform of the supply side of the payment industry.
2023-11-20 02:49:15
#MasterCard #obtains #approval #conduct #bank #card #clearing #operations #China
