{
  "id": 14155725,
  "title": "Visa gets approval to prepare for domestic business in China",
  "url": "https://urgent.news/2026/10/13/visa-gets-approval-to-prepare-for-domestic-business-in-china-14155725",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T07:39:11.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/10/13/visa-gets-approval-to-prepare-for-domestic-business-in-china"
  },
  "original_language": "en",
  "account": "Beijing has granted Visa approval to initiate preparations for establishing a domestic bank card clearing institution in China. This marks a significant milestone, as the US payments giant joins industry rivals such as American Express and Mastercard in entering China's highly regulated financial sector. The People's Bank of China (PBOC) issued the administrative approval to Visa Information Technology (Beijing) Co Ltd, allowing the foreign-invested enterprise to commence preparatory work. Visa CEO Ryan McInerney expressed his satisfaction with the approval, stating that it reflects the long-standing commitment of Visa to China. The approval follows a recent high-level meeting between US President Donald Trump and Chinese President Xi Jinping, where the CEOs of major US companies, including Mastercard and Visa, participated. The PBOC will review Visa's application within a year, after which the company will be eligible to apply for a bank card clearing business license, enabling it to commence operations. Visa initially sought an unprecedented 100% ownership stake in a future joint venture, which sources suggest is a goodwill gesture from Beijing towards Washington ahead of their upcoming summit. Greater market access in financial services has been a priority for the US, with Beijing urged to create a more open and level playing field for foreign firms operating in China's financial sector.",
  "summary": "The move marks a major step for Visa to join rivals American Express and Mastercard in operating bank card clearing services in China.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 10,
    "also_reported_by": [
      {
        "outlet": "South China Morning Post",
        "title": "China gives green light to Visa for local clearing organisation after years-long wait",
        "url": "https://urgent.news/2026/10/13/china-gives-green-light-to-visa-for-local-clearing-organisation-after",
        "published": "2026-10-13T03:52:05.000Z"
      },
      {
        "outlet": "Bloomberg",
        "title": "Visa Approved to Prepare Domestic Payments Business in China",
        "url": "https://urgent.news/2026/10/13/visa-approved-to-prepare-domestic-payments-business-in-china",
        "published": "2026-10-13T04:09:40.000Z"
      },
      {
        "outlet": "Financial Post",
        "title": "Visa Receives Approval to Begin Preparations for a Domestic Business in China",
        "url": "https://urgent.news/2026/10/13/visa-receives-approval-to-begin-preparations-for-a-domestic-business",
        "published": "2026-10-13T04:13:07.000Z"
      },
      {
        "outlet": "RTHK News - Finance",
        "title": "Visa gets go-ahead to prepare for business in China",
        "url": "https://urgent.news/2026/10/13/visa-gets-go-ahead-to-prepare-for-business-in-china",
        "published": "2026-10-13T05:39:37.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Visa gets approval to prepare for domestic business in China",
        "url": "https://urgent.news/2026/10/13/visa-gets-approval-to-prepare-for-domestic-business-in-china",
        "published": "2026-10-13T05:42:17.000Z"
      },
      {
        "outlet": "Straits Times Business",
        "title": "Visa approved to prepare domestic payments business in China",
        "url": "https://urgent.news/2026/10/13/visa-approved-to-prepare-domestic-payments-business-in-china",
        "published": "2026-10-13T05:50:00.000Z"
      },
      {
        "outlet": "CNBC",
        "title": "Visa gets Beijing's green light for bank card business after 40 years of working with China",
        "url": "https://urgent.news/2026/10/13/visa-gets-beijings-green-light-for-bank-card-business-after-40-years",
        "published": "2026-10-13T06:20:55.000Z"
      },
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Visa approved to prepare domestic payments business in China",
        "url": "https://urgent.news/2026/10/13/visa-approved-to-prepare-domestic-payments-business-in-china-14139484",
        "published": "2026-10-13T06:44:46.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Visa gets approval to prepare for domestic business in China",
        "url": "https://urgent.news/2026/10/13/visa-gets-approval-to-prepare-for-domestic-business-in-china-14153072",
        "published": "2026-10-13T07:39:11.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}