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PBC Approves Mastercard NUCC’s Application for Bankcard Clearing Institution Preparations
The Application of Mastercard NUCC Information Technology (Beijing) Co., Ltd. was approved by PBC for beginning preparations for a bankcard clearing institution.
In accordance with the Decision of the State Council on Implementing Entry Administration of Bankcard Clearing Institutions (Guofa No.22 [2015]), the Measures for the Administration of Bankcard Clearing Institutions (PBC and CBRC Decree No.2 [2016]) and other relevant regulations, the People’s Bank of China (PBC), jointly with the China Banking and Insurance Regulatory Commission (CBIRC), recently reviewed and approved the application of Mastercard NUCC Information Technology (Beijing) Co., Ltd. (hereinafter referred to as Mastercard NUCC) for beginning preparations for a bankcard clearing institution. Mastercard NUCC, a joint venture started by Mastercard in China, applied as a market entity for beginning preparations to set up a bankcard clearing institution and operate Mastercard in China.

As an important part of China’s financial opening-up efforts, the opening-up of the bankcard market will help promote the development of payment and clearing services in China in a more open and internationalized way, so that diversified and differentiated services will be offered. The approval of Mastercard NUCC’s application adds to the concrete moves China has taken to further open up its financial sector and deepen financial supply-side structural reform.

According to relevant regulations, Mastercard NUCC will follow required procedures and apply to the PBC for the start of business after preparations are completed in a year. Going forward, the PBC will continue to take law-based and orderly steps to promote entry into the bankcard market in an open, fair and just manner, further improve the regulatory system, and make solid efforts to safeguard financial stability alongside the pursuit of opening-up.
   
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