PBOC Approves Visa Preparations to Set Up Card-Payment Clearing Unit in China
JH Kim
Summary
- China’s People’s Bank of China has approved Visa’s preparations to establish a card-payment clearing institution in the country.
- Visa must complete preparations to establish the card-payment clearing institution in China within one year.
- Visa must separately apply for a formal operating license after completing the preparations.
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China’s central bank, the People’s Bank of China, has approved global payments company Visa’s preparations to establish a bank-card payment clearing institution in the country.
Cointelegraph reported on Oct. 19 that the approval allows Visa to begin preparatory procedures to set up the local clearing entity in China.
The PBOC gave Visa one year to complete those preparations.
Visa must apply separately for a formal operating license after completing the setup work within that period. The approval covers only the preparatory stage and is separate from a full business license.
JH Kim
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