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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