BusinessAgreement Affects China and United States

China Approves Visa Clearing Organisation After Long Wait

Published 4h ago · Latest report 1h ago

Covered in 2 countries

AI summary37s readPositive

China approved a local clearing organisation for Visa, ending a decade-long wait for domestic market access.

China has granted approval for a local clearing organisation to Visa, allowing the payments firm to settle domestic yuan transactions directly. The decision comes after more than a decade of waiting by the American company for full market access ahead of a high-profile presidential summit.

Market accessVisa has sought permission to operate its domestic card business in the country for over 10 years.
TimingThe approval arrives just ahead of an upcoming meeting between leaders from the United States and China.

By the numbers

10 yrsyears seeking market access

Why it matters

Gaining access to China's vast domestic payments market has been a long-standing hurdle for foreign financial firms, which previously had to rely on state-backed networks. This regulatory milestone marks a major shift in trade and financial relations between the two economic powers.

What outlets agree on

China has approved a local clearing organisation for Visa, permitting the company to handle domestic yuan transactions directly through its own network.

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