PBOC Approves Visa to Set Up Card Clearing Institution

On October 13, the People's Bank of China announced it had issued an administrative license to Visa Information Technology (Beijing) Co., Ltd. to establish a card clearing institution. The company must complete preparations within one year before submitting an application for opening; upon approval by the PBOC and the National Financial Regulatory Administration, it will receive a card clearing business license. Visa Information Technology (Beijing) Co., Ltd. is a foreign-invested enterprise established by Visa in mainland China.