[China] MasterCard’s joint venture receives licence

China has granted a bank card clearing license to MasterCard's joint venture in the country. The move brings the total number of foreign players in its bank card clearing sector to two, China Daily reports.

The country's central bank, The People's Bank of China, said on November 19 that it - together with the National Financial Regulatory Administration - has approved an application from MasterCard NUCC Information Technology (Beijing) Co Ltd to establish a bank card clearing institution in China.

MasterCard NUCC is a joint venture established by MasterCard and NetsUnion Clearing Corp.

The PBOC reportedly said in a statement that it had issued the bank card clearing license to MasterCard NUCC on November 17. The company can now authorise its member institutions to issue and accept Mastercard renminbi bank cards in China.

Following the approval, experts reportedly stated that China has approved two overseas bank card clearing institutions - American Express and MasterCard - to enter the domestic market, demonstrating the country's opening-up commitment; intended to foster effective competition in the sector.

Source: China Daily

China has granted a bank card clearing license to MasterCard's joint venture in the country. The move brings the total number of foreign players in its bank card clearing sector to two, China Daily reports.

The country's central bank, The People's Bank of China, said on November 19 that it - together with the National Financial Regulatory Administration - has approved an application from MasterCard NUCC Information Technology (Beijing) Co Ltd to establish a bank card clearing institution in China.

MasterCard NUCC is a joint venture established by MasterCard and NetsUnion Clearing Corp.

The PBOC reportedly said in a statement that it had issued the bank card clearing license to MasterCard NUCC on November 17. The company can now authorise its member institutions to issue and accept Mastercard renminbi bank cards in China.

Following the approval, experts reportedly stated that China has approved two overseas bank card clearing institutions - American Express and MasterCard - to enter the domestic market, demonstrating the country's opening-up commitment; intended to foster effective competition in the sector.

Source: China Daily