Mastercard’s Joint Venture Secures Bank Card Clearing License in Chinaby Fintech News Hong Kong November 20, 2023
Mastercard NUCC, a joint venture between Mastercard and NetsUnion Clearing Corporation, has been issued a bank card clearing license by the People’s Bank of China (PBOC).
This development follows a thorough review process in line with the State Council’s decision and the National Financial Regulatory Administration’s standards.
The granting of this license allows Mastercard NUCC to facilitate the issuance and acceptance of Mastercard RMB bank cards in China.
“Going forward, the PBOC will continue to uphold the principles of openness, fairness and impartiality, and handle market access for bank card clearing institutions in accordance with the law and in an orderly manner.
The PBOC will continue to strike a good balance between security and development, improve the regulatory arrangements for bank card clearing institutions, and promote the high-quality development of the payment industry.”