China's central bank on Sunday announced that it and the National Financial Regulatory Administration have approved an application by Mastercard's Chinese joint venture to conduct bank card clearing operations in the country.
Mastercard NUCC Information Technology (Beijing) Co., Ltd, a joint venture of Mastercard and NetsUnion Clearing Corporation (NUCC), could authorize its member institutions to issue "MasterCard" branded Yuan bank cards in China, said the People's Bank of China (PBOC).
Mastercard is the second overseas bank card clearing institution to enter the Chinese market. In 2020, China's central bank approved an application by American Express' Chinese joint venture to conduct such business in the country.
