PBOC encourages US financial institutions to expand in China following Mastercard's approval

Updated: Nov 20, 2023 By Zhou Lanxu Print
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Mastercard's joint venture becoming licensed to operate in China has attested to China's commitment to deepening high-standard opening-up and accommodating foreign financial institutions, including US-based ones, expanding their business footprint in China, said the People's Bank of China, the country's central bank.

"We welcome US financial institutions to expand their business presence in China, share the benefits of China's economic development and contribute to the deepening of China-US financial cooperation. This is in the interests of the Chinese and US people," a PBOC official said.

The remark came after the central bank said on Sunday that it had issued the bank card clearing license to Mastercard NUCC Information Technology (Beijing) Co Ltd — a joint venture of Mastercard and NetsUnion Clearing Corp — meaning that the company can authorize its member institutions to issue and accept Mastercard renminbi bank cards in China.

This development marks the latest progress of China's financial opening-up, the PBOC official said, adding that China will continuously improve its business environment and further facilitate foreign financial institutions growing their business in China.

With Mastercard's joint venture licensed to do business in China, experts said China has approved two overseas bank card clearing institutions — American Express and Mastercard — to enter the domestic market.

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