Visa received approval from the People’s Bank of China to begin preparing a domestic bankcard clearing institution, marking a key step in serving China’s payments market. The company must still complete further regulatory steps before clearing operations can start.
- Approval covers Visa's Application to Prepare for a clearing institution in China.
- Visa must complete further steps under PBOC regulations before starting clearing.
- China’s payments market is described as advanced and continuing financial liberalisation.
- Visa aims to contribute to the growth of the domestic payments sector in China.
Why it matters
For SMEs and managers in Hong Kong and beyond, Visa’s move signals increasing opportunities and competition in China’s domestic payments market, heightening the importance of secure, compliant fintech solutions and partnerships.
Source: Fintech News Hong Kong
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