Visa has received formal approval from the People's Bank of China (PBOC) to begin preparations for establishing a domestic bankcard clearing institution. This approval marks a significant milestone for the company as it seeks to operate directly within China's domestic payment market. Visa will now proceed with the formal process of setting up its clearing operations in accordance with local regulatory requirements. The move highlights the ongoing opening of China's financial services sector to foreign payment networks.
Visa secured a critical regulatory nod from the People's Bank of China to begin formal preparations for a domestic bankcard clearing institution in the multi-trillion dollar market.
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