China’s central bank announced that, in agreement with the National Administration for Financial Regulation, a request from Mastercard’s Chinese joint venture to carry out bank card clearing operations in the country has been approved.
Mastercard NUCC Information Technology, a joint venture of Mastercard and NetsUnion Clearing Corporation (NUCC), may authorize its member institutions to issue Yuan bank cards branded as “MasterCard” in China, the People’s Bank of China (PBOC) has confirmed.
Mastercard is the second overseas bank card clearing institution to enter the Chinese market. In 2020, China’s central bank approved an application from Chinese joint venture American Express to carry out these types of businesses in the country.
The decision demonstrates China’s determination to open up more to the outside world, internal sources said.