Visa Approved To Prepare China Bank-Card Clearing Entity

Visa received approval from the People’s Bank of China (PBOC) to prepare a bank-card clearing institution in China, opening the way for the company to complete regulatory and operational steps before launching local services.

Visa will continue the follow-up work required under PBOC rules and plans to conduct bank-card clearing business in China after those steps are completed.

Visa CEO 麦凯恩 called the approval a milestone in the company’s efforts to serve the Chinese market and said Visa would work to begin operating in the country soon.

The approval covers preparation of the clearing institution; Visa has not yet begun its bank-card clearing operations in China.