'The timing is notable': China lets Visa start preparing to clear bank card payments, weeks before a third Xi-Trump meeting
Visa has received approval from China to prepare for a bank card clearing business, a significant step in the company's long-standing commitment to the Chinese market. This development comes 40 years after Visa began working with China and weeks before a third meeting between US President Trump and Chinese President Xi. The approval allows Visa to start preparing to clear bank card payments in China.
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- ✓ Visa has received approval from China to prepare for a bank card clearing business
- ✓ The approval comes 40 years after Visa began working with China
- ✓ The development comes weeks before a third meeting between US President Trump and Chinese President Xi
- ✓ Visa aims to begin domestic bank card clearing operations in China at the earliest opportunity
What changed
China has given Visa the green light to start preparing for a bank card clearing business, marking a significant step forward for the company in the Chinese market.
Live updates
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China Approves Visa for Bank Card Clearing Business
Visa has received approval from China to prepare for a bank card clearing business, a significant step in the company's long-standing commitment to the Chinese market. This development comes 40 years after Visa began working with China and weeks before a third meeting between US President Trump and Chinese President Xi. The approval allows Visa to start preparing to clear bank card payments in China.
Why it matters
The approval is seen as a positive development for Visa and the US financial services industry, which has long sought greater access to the Chinese market. The timing of the approval is notable given the upcoming meeting between Trump and Xi, and it may be seen as a sign of increased cooperation between the two countries. China has been gradually opening up its financial sector to foreign companies in recent years.
What is confirmed
- Visa has received approval from China to prepare for a bank card clearing business
- The approval comes 40 years after Visa began working with China
- The development comes weeks before a third meeting between US President Trump and Chinese President Xi
- Visa aims to begin domestic bank card clearing operations in China at the earliest opportunity
Still unconfirmed
- Trump said he mentioned access for Visa during his Beijing trip
What to watch next
- The third meeting between US President Trump and Chinese President Xi
- Visa's progress in setting up its bank card clearing business in China
- China's further opening up of its financial sector to foreign companies
confidence 100%Sources used for this update (10)
- CNBC — Visa gets Beijing's green light for bank card business after 40 years of working with China
- WSJ — Visa Wins Approval to Prepare for China Payments Business
- Financial Times — Visa gets approval for China card business ahead of Trump-Xi summit
- Fortune — 'The timing is notable': China lets Visa start preparing to clear bank card payments, weeks before a third Xi-Trump meeting
- Investor's Business Daily — Credit Card Giants Above Buy Points. One Scores Big China Win.
- www.cnbc.com — Visa gets Beijing's green light for bank card business after ...
- fortune.com — China lets Visa start preparing to clear bank card payments ...
- dnyuz.com — ‘The timing is notable’: China lets Visa start preparing to ...
- finance.yahoo.com — Visa wins approval to prepare a bank card clearing business ...
- www.chinadaily.com.cn — Visa eyes domestic card clearing - Chinadaily.com.cn
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