Mastercard’s joint venture (JV), Mastercard NUCC Information Technology (Beijing) Co. Ltd, has been approved to begin domestic bankcard clearing activity in China.
The approval was granted by the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR).
The news follows a principal approval by PBOC of Mastercard NUCC’s application from February 2020, when the business began formal preparations to set up a domestic bankcard clearing operation in China.
Three years from then, the JV has now established standards, rules, structures and infrastructure that all comply with local regulatory rules.
Michael Miebach, CEO of Mastercard, commented: “We are pleased to have reached this milestone with our local partner NUCC.
“Mastercard’s deeper participation in the Chinese market will benefit the country, its consumers and its businesses, while simultaneously boosting our company’s mission of connecting and powering an inclusive digital economy that benefits everyone and unlocks priceless possibilities for all.”
Over the last few years, Mastercard has strengthened its cross-border payments offering in China, connecting local businesses and customers to the global economy and driving regional commerce forward.
Ling Hai, Chairman of the board of Mastercard NUCC and Co-President, international markets at Mastercard, added: “Mastercard NUCC is committed to being in China as an active partner, working to expand issuance and acceptance of Mastercard-branded products for the benefit of local businesses and consumers.
“As we ramp up our domestic operations, we look forward to working with customers and partners in China to harness technologies and innovations in a way that empowers local businesses and delivers the best payments experiences to people every day.”