Key facts
- Visa received administrative approval to prepare for a domestic bank card clearing institution in China.
- China's embassy stated the approval was a direct outcome of President Xi Jinping's recent summit with US President Donald Trump.
- Visa must complete preparations within one year before applying for a business license.
China's embassy in Washington stated that Visa's recent approval to establish a domestic bank card clearing institution was a direct outcome of Chinese President Xi Jinping's state visit to the United States last month. Qiu Wenxing, Deputy Chief of Mission at the Chinese embassy, said the approval was a "direct outcome of the presidential summit."
The People's Bank of China issued an administrative approval to Visa Information Technology (Beijing) Co Ltd, allowing the US payments firm to begin preparatory work. Visa must complete these preparations within one year before applying for a bank card clearing business license.
Visa first applied to the central bank in May 2020. Rivals American Express and Mastercard have already received approvals to operate in China's market, which is largely dominated by state-controlled China UnionPay.