Chinese regulators grant Mastercard bank card licence

PBoC gives US firm approval to issue yuan-denominated cards after Xi-Biden meeting

Map of China

China’s financial regulators have granted a licence for US firm Mastercard to launch bank card clearing operations, they announced on November 19.

The US-based payment company will now be able to conduct yuan clearing operations and issue yuan-denominated bank cards. The People’s Bank of China and the National Financial Regulatory Administration said they decided to license the firm’s joint venture, Mastercard NUCC, on November 17.

MasterCard NUCC is a joint venture of Mastercard and NetsUnion

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