China UnionPay secures card clearing service approval

Friday 21 June 2019 10:15 CET | News

China UnionPay has received the green light from People`s Bank of China to conduct bank card clearing businesses.

An approval certificate has been granted to the company, whose application has passed the official review, according to the central bank.

Established in 2002, China UnionPay is the countrys sole bank card network operator and the first market player to gain official approval since China announced an approval-based mechanism for market access to bank card clearing in 2015.

China approved the preparation application by a joint venture with American Express for setting up a bank card clearing and settlement institution in November 2018.

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Keywords: China UnionPay, China, card clearing, bank
Countries: World