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V - Visa Inc News Story

$168.59 -0.9  -0.5%

Last Trade - 8:59pm

Sector
Technology
Size
Large Cap
Market Cap £297.90bn
Enterprise Value £305.65bn
Revenue £19.24bn
Position in Universe 12th / 6312

UPDATE 1-China c.bank gives green light to Mastercard's China JV for clearing business

Tue 11th February, 2020 10:51am
(Adds more details)
    BEIJING, Feb 11 (Reuters) - China's central bank said on
Tuesday it has approved an application by Mastercard's  MA.N 
China joint venture to conduct bank card clearing operations in
the country.
    The People's Bank of China (PBOC) made the announcement
weeks after China and the United States signed a Phase I trade
deal in which Beijing agreed to open up its giant financial
services market.
    The approval, made with China's banking regulator, is
another example of "China opening up its financial industry, and
deepening supply-side reforms in the sector," PBOC said in a
statement on its website.
    In early January, PBOC said it had accepted an application
from a unit of American Express Co  AXP.N  regarding starting
operations in China.  urn:newsml:reuters.com:*:nL4N29D338 American card giant Visa  V.N 
submitted its application in early 2018 and is still awaiting
approval.
    China is opening up its local currency payments market to
foreign companies after a decade of lobbying from foreign
players seeking direct access to what is set to be the biggest
bank card market by 2020.
    Mastercard's China JV is given a maximum of one year to
prepare for business opening, which also requires PBOC approval.
    
    The Sino-U.S. Phase I trade deal states that no later than
one month after U.S. service suppliers, including Mastercard,
Visa and American Express, notify China that preparatory work is
completed, China shall accept the licence application.         

 (Reporting by Beijing Newsroom, editing by Louise Heavens)
 ((samuel.shen@thomsonreuters.com;  +86 21 20830018; Reuters
Messaging: samuel.shen.thomsonreuters.com@reuters.net))
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