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Visa (NYSE:V) has received approval of its Application to Prepare from the People's Bank of China (PBOC), allowing the company to begin formal preparations to establish a domestic bankcard clearing institution in China.
The approval is a step towards Visa serving China's domestic payments market. The company said it will continue its efforts to complete the process and begin domestic bankcard clearing operations in the country, pursuant to the PBOC's regulations.
Visa has been active in China's payments landscape for more than 40 years. The company is a global digital payments provider facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories.
Ryan McInerney, Chief Executive Officer, Visa
Ryan McInerney, Chief Executive Officer, Visa said:
The approval of our Application to Prepare marks a significant step forward in Visa’s long-standing commitment to China. We greatly appreciate the important role of the leaders of the United States and China in pursuing a constructive and strategically stable relationship between the world’s largest economies. For more than 40 years, Visa has been an active contributor to China’s dynamic payments landscape. We look forward to taking the necessary steps in the process, pursuant to the PBOC’s regulations, to begin operating domestically in China.
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