China's Central Bank Gives Green Light to Mastercard's China JV for Clearing Business
February 11 2020 - 5:29AM
Dow Jones News
By Yifan Wang
China's central bank has approved an application from a Chinese
joint venture of Mastercard Inc. to start a bank-card clearing
business in the country.
The decision, made with China's banking regulator, gives
Mastercard's JV one year to prepare for the clearing business,
after which the company can apply to commence operations, the
People's Bank of China said in a statement Tuesday.
The action is part of efforts to open up China's financial
industry, the PBOC said.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
February 11, 2020 05:14 ET (10:14 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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