Mastercard to set up in China

February 12, 2020 | Payments

Written by FinTech Alliance

Mastercard to set up in China

Mastercard has been given permission to set up domestically in China.

In Brief:

  • The People’s Bank of China has approved a domestic bankcard clearing institution.

  • Following legislative changes in 2015 Mastercard has been operating as part of a joint venture with a local Chinese party.

  • A USChina trade deal has led to the new approval.

What does this mean?

Mastercard has a one-year window to set up, and says it will still work closely with local partners, as well as the government, to develop and expand payment infrastructure.

Read more here. 

 

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