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China to open bank card clearing businesses to foreign firms

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China will allow foreign firms to apply for licenses to establish bank card clearing businesses starting from June 1, the State Council said in a statement on its website on Wednesday.

[BEIJING] China will allow foreign firms to apply for licenses to establish bank card clearing businesses starting from June 1, the State Council said in a statement on its website on Wednesday.

China said in October last year that it would open its credit card market to foreign players following a World Trade Organization ruling in 2012 that it discriminated against US card firms.

The announcement potentially paves the way for firms such as Visa and Mastercard to challenge the domestic near-monopoly currently enjoyed by UnionPay.

REUTERS

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