Visa Gains PBOC Approval for China Card Clearing Business

Visa received formal authorization from the People’s Bank of China (PBOC) to operate a bank card clearing service within mainland China.

The approval announcement coincided with preparations for U.S. President Donald Trump and Chinese President Xi Jinping to meet during the upcoming Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting in Shenzhen. This timing has raised questions about how financial market access might influence bilateral economic and commercial negotiations between the two nations.

Visa’s CEO, Ryan McInerney, stated the company aims to finalize remaining regulatory approvals to launch operations in China’s domestic payment sector. The company emphasized this milestone as a key step toward serving the country’s payment market.