Visa China Approved to Establish Bank Card Clearing Institution

On October 13, according to Visa's official service account, Visa has officially received approval from the People's Bank of China to prepare for establishing a bank card clearing institution within China. Visa will continue to complete follow-up procedures and conduct bank card clearing business in China. Visa CEO Mike Miehlbrink stated that the approval of the preparatory application is another significant milestone in Visa's long-term commitment to serving the Chinese market. The company looks forward to actively advancing follow-up work in compliance with the relevant regulatory requirements of the People's Bank of China, aiming to launch domestic operations as soon as possible. (Shanghai Securities News)