PBoC: Foreign payment card firms not required to establish JVs to enter China market

PBoC: Foreign payment card firms not required to establish JVs to enter market

Reuters reported yesterday that China was pressing foreign payment card companies to form local joint ventures for onshore operations. ― Reuters pic

Reuters reported yesterday that China was pressing foreign payment card companies to form local joint ventures for onshore operations. ― Reuters pic

BEIJING, Nov 8 ― regulations do not require foreign payment card firms to establish joint ventures to operate in the onshore market, the said today.

American Express and Visa have not submitted additional material required for review and the central bank cannot officially process their applications as of now, the People’s Bank of China said in a faxed statement to Reuters.



Reuters reported yesterday that China was pressing foreign payment card companies to form local joint ventures for onshore operations, a move that would counter a pledge on market access that Beijing made to US President Donald Trump. ― Reuters

Source: The Malay Mail Online






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