China's central bank approves Visa's Application to Prepare for a domestic bankcard clearing business

The People's Bank of China approved Visa's Application to Prepare, which lets Visa begin formal preparations to set up a domestic bankcard clearing institution in China. Visa has not given a timeline, and it must still complete the process under PBOC rules before domestic clearing can start. For traders, it is a regulatory step that could open a domestic China business for Visa, but the timing and size are not yet disclosed.

• Approval from the People's Bank of China on Application to Prepare
• Allows formal preparation for a domestic bankcard clearing institution
• No timeline given; further PBOC steps are required
• CEO Ryan McInerney said the approval is a significant step in Visa's commitment to China