China approves local clearing organisation for Visa after years-long wait

North America Business Thu, 15 Oct 2026 05:16:39 GMT High confidence — 75/100

The Chinese central bank on Tuesday (Oct 13) gave its approval to Visa to set up a locally registered bank card clearing organisation, calling the move a major step in the country’s financial opening up in an online statement.
The US card payment giant will have one year to finish its business preparations, the People’s Bank of China added.
With a local clearing organisation, Visa would be able to settle domestic yuan transactions directly with its own network.

The Chinese central bank on Tuesday (Oct 13) gave its approval to Visa to set up a locally registered bank card clearing organisation, calling the move a major step in the country’s financial opening up in an online statement.
The US card payment giant will have one year to finish its business preparations, the People’s Bank of China added.
With a local clearing organisation, Visa would be able to settle domestic yuan transactions directly with its own network.

Sources: CNA