/ world today news/ Yesterday, the People’s Bank of China and the National Financial Regulatory Administration approved an application by Mastercard’s Chinese joint venture to carry out bank card clearing operations in the country.
Mastercard NUCC Information Technology (Beijing), a joint venture between the international financial corporation Mastercard and NetsUnion Clearing Corporation, will now be able to issue bank cards in yuan. It is the second foreign bank card clearing institution to enter the Chinese market after China’s central bank approved a joint venture with American Express in 2020.
Experts note that the move is conducive to building a stable bank card market structure with effective competition and deepening structural reform, showing China’s determination to open up to the rest of the world.
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