Visa’s China approval a ‘direct outcome’ of Trump-Xi summit, Beijing says
China said on Thursday that the recent government approval allowing American bank card payment giant Visa to operate in the country was the “direct outcome” of Chinese President Xi Jinping’s state visit to the United States last month. “The Visa card was granted permission to establish a banking card clearing institution,” said Qiu Wenxing, the Deputy Chief of Mission at the Chinese embassy in…
China announced on Thursday that Visa's approval to operate in the country was a direct result of U.S. President Donald Trump's state visit to Beijing last month. Qiu Wenxing, the Deputy Chief of Mission at the Chinese embassy in Washington, confirmed that Visa was granted permission to establish a banking card clearing institution.
The People's Bank of China (PBOC) approved Visa's plans to set up a local bank card clearing organization on Tuesday, marking a significant step in opening China's financial sector. Visa will have one year to complete preparations before applying to begin operations. The company has already established a foreign-invested company, Visa Information Technology (Beijing), in China.
Unlike competitors such as American Express and Mastercard, Visa plans to operate as a wholly foreign-owned enterprise. Visa CEO Ryan McInerney praised the approval as a "significant step forward" in the company's commitment to China, appreciating the role of U.S. and Chinese leaders in fostering a stable relationship between the world's largest economies.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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