The People’s Bank of China issued a bank card clearing business license to Wanshi Network Co., Ltd._Oriental Fortune Network

According to the “State Council’s Notice on the Implementation ofbankDecision on Access Management of Card Clearing Institutions”bank“Measures for the Administration of Card Clearing Institutions” and other provisions, the Chinese People’sbankTogether with the State Administration of Financial Supervision and Administration, we reviewed and approved the application for opening of a bank card clearing institution submitted by “Wanshiwanglian Information Technology (Beijing) Co., Ltd.” On November 17, 2023, the People’s Bank of China issued a bank card clearing business license to Wanshi Network Company.

Everything Connected isMasterCardA joint venture established in China by the company (MasterCard) and Wanglian Clearing Co., Ltd. After obtaining the administrative license, Wanshi Network Co., Ltd. can authorize member institutions to issue and accept “MasterCard“branded RMB bank card.

The People’s Bank of China stated that in the next step, it will continue to follow the principles of openness, fairness and impartiality, promote bank card clearing market access in an orderly manner in accordance with the law, coordinate development and security, continue to improve the supervision mechanism of bank card clearing institutions, and promote high quality in the payment industry develop.

Experts said,MasterCardThe company is the second largest bank card clearing institution in the United States. Approving it to enter the Chinese market is a concrete measure to implement the country’s decision-making and deployment to promote high-level opening up, and fully demonstrates my country’s determination to expand opening up.So far, our country has approvedAmerican ExpressThe entry of two overseas bank card clearing institutions, MasterCard and Bank Card, into the domestic market is conducive to building an effective competitive, reasonable and stable bank card clearing market structure, deepening the supply-side structural reform of the payment industry, and better serving the real economy and society and people’s livelihood.

(Article Source:securitiesTimes.com)

Source of article: Securities Times Network
Responsible Editor: 3

Original title: The People’s Bank of China issued a bank card clearing business license to Wanshi Network Co., Ltd.