Visa wins approval to establish domestic business in China
Justin Sullivan/Getty Images News
U.S. credit card giant Visa (V) said Tuesday it had received approval from the People’s Bank of China to establish a bank card clearing business in the country.
The approval comes as the U.S. and Chinese presidents prepare for their third meeting this year.
“This marks an important milestone toward the company serving China’s domestic payments market,” Visa said in a statement.
“For more than 40 years, Visa has been an active contributor to China’s dynamic payments landscape,” Visa CEO Ryan McInerney said. “We look forward to taking the necessary steps in the process, pursuant to the PBOC’s regulations, to begin operating domestically in China.”
McInerney joined U.S. President Donald Trump’s business delegation to Beijing in May and became chair of the U.S.-China Business Council in June. He also led a trip to Beijing in early September.
Trump told Fox News after his May trip to Beijing that he had raised Visa’s request for access to China’s market. Following the September summit, China said it would approve applications from all foreign financial institutions seeking to operate in the country.
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