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Mastercard wins approval to enter China's US$27t market
[BEIJING] Mastercard won approval to set up a bank card clearing business in China, gaining access to a US$27 trillion payments market.
Mastercard's joint venture in the country needs to complete preparation work within a year, the People's Bank of China said in a statement Tuesday.
The Communist Party ruled country is opening up its financial markets this year to allow foreign firms to set up fully owned operations to run insurance businesses, asset management and investment banking. China in June 2015 allowed foreign bank-card clearing providers to obtain licences by setting up units or acquiring a local company, ending a monopoly by state-run China UnionPay.
China had 8.2 billion bank cards in circulation at the end of September, with 90 per cent of them debit cards.