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China central bank gives greenlight to Mastercard's China JV for clearing business

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© Reuters. China central bank gives greenlight to Mastercard's China JV for clearing business© Reuters. China central bank gives greenlight to Mastercard’s China JV for clearing business

BEIJING (Reuters) – China’s central bank said on Tuesday it has approved an application by Mastercard’s (N:) China joint venture to conduct bank card clearing operations in the country.

The decision, made with China’s banking regulator, is part of efforts to open up China’s financial industry, the People’s Bank of China said in a statement on its website.

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Source: Economy - investing.com

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