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. 

 

More in Payments

Splitit raises $71.5mn
Payments
August 07, 2020

Splitit raises $71.5mn

Buy Now, Pay Later platform Splitit has raised $71.5mn through private placement and share purchase....

Volante raises $35mn  
Payments
August 04, 2020

Volante raises $35mn  

Volante Technologies has raised $35mn in growth equity financing.   In Brief: &nbs...

Airwallex partners with Deutsche Bank
Payments
July 28, 2020

Airwallex partners with Deutsche Bank

Airwallex is working with Deutsche Bank to enable it to provide services in Japan and Hong Kong....

Payments
August 05, 2020

P20: Payments in a Post-Covid-19 World

COVID-19 is undoubtedly one of the biggest challenges we have faced in recent history, both as indiv...

Payments
May 20, 2020

Payments trends 2020

In the year ahead, Deloitte predicts that payments companies will be making “big bets” o...

Payments
March 31, 2020

Understanding authentication and open banking as a Soft POS reality approaches

Following Merchant Payments Ecosystem 2020 (MPE2020), I wanted to share some of my thoughts on Secur...

Sibos Boston

Sibos Boston

When: Oct 05th - Oct 08th, 2020
Where: Boston Convention and Exhibition Center (BCEC), Boston , GB
Price: £1,000
Money 20/20 USA

Money 20/20 USA

When: Oct 25th - Oct 28th, 2020
Where: The Venetian, Las vegas
Price: £1,700