(Yicai) Nov. 20 -- MasterCard has become the second overseas bank card clearing institution to enter the Chinese market after American Express in 2020.
The People's Bank of China issued a bank card clearing business license to MasterCard's Chinese unit Wanshi Wanglian Information Technology on Nov. 17, according to a notice the country's central bank published on its website yesterday.
Wanshi Wanglian is a joint venture between US' MasterCard and China's NetsUnion Clearing. With the license, the JV's member institutions can issue and process MasterCard-branded yuan-oriented bank cards in China.
Ling Hai, co-president of MasterCard's Asia Pacific region, will serve as Wanshi Wanglian's legal representative and chairman.
In June 2020, American Express was the first foreign firm to receive a bank card clearing business license in China through its unit Express Hangzhou Technology Service, which formally opened business in August of that year. The only other bank card clearing body operating in the country is China UnionPay.
Wanshi Wanglian's business operation in the Chinese market marks new progress in China's financial opening-up, the PBOC said, adding that the country will constantly optimize the business environment to provide greater convenience for foreign-funded financial institutions' local operation.
US financial institutions are welcome to expand their business presence in China to share the results of China's economic development and contribute to deepening the China-US financial cooperation, the PBOC pointed out.
Editors: Tang Shihua, Futura Costaglione