China's central bank lets Visa prepare a domestic clearing business
China's central bank has cleared Visa to start preparing a domestic card clearing institution, letting the U.S. firm begin groundwork in the country's payments market. Visa's CEO Ryan McInerney called it a significant step.
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What happened
China's central bank approved Visa's application to prepare for establishing a domestic bank card clearing institution in China. The approval lets the U.S. payments company begin groundwork to enter the country's domestic payments market. Visa's chief executive Ryan McInerney called it a significant step in the company's long-standing commitment to China.
Why it matters
The approval marks a key step for Visa to operate domestically in China. It follows similar moves by Mastercard and American Express amid ongoing U.S.-China trade discussions.
Timeline
- Oct 13, 1:16 AM ET: Visa said it received approval from China's central bank to begin preparing a domestic bankcard clearing institution.
- Oct 13, 4:29 AM ET: China's central bank gave Visa one year to complete its business preparations.
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