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Mastercard JV gets approval to prepare for domestic operations in China

Feb. 11, 2020 7:03 AM ETMastercard Incorporated (MA) StockBy: Liz Kiesche, SA News Editor26 Comments
  • Mastercard (NYSE:MA) gets approval in principle from the People's Bank of China to begin formal preparations to set up a domestic bankcard clearing institution in China.
  • The application was submitted by Mastercard NUCC Information Technology (Beijing), a joint venture of Mastercard and NetsUnion Clearing Corp.
  • Within a year, the company will be able to apply to the PBOC for formal approval to begin domestic bankcard clearing activity.

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