China approves Visa’s preparations for card clearing in the country — Channel NewsAsia

On October 13, China’s central bank allowed the U.S. payment company Visa to begin preparations for establishing a locally registered organization to clear bank cards. The regulator called the decision a significant step in opening China’s financial sector, Channel NewsAsia reports.

One year for preparations

According to China’s central bank, Visa has one year to complete its business preparations. The local clearing organization will enable the company to directly process settlements for domestic yuan transactions through its own network.

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Visa statement

Visa said the authorization is an important milestone toward serving China’s domestic payments market. Visa CEO Ryan McInerney called the approval of the preparation application a significant step forward as part of the company’s long-term commitment to China.

McInerney also thanked U.S. and Chinese leaders for their role in seeking constructive and strategically stable relations between the world’s largest economies.