Foreign payment card firms not required to establish JVs to enter local market: China central bank


BEIJING (Reuters) – Chinese regulations do not require foreign payment card firms to establish joint ventures to operate in the onshore market, the central bank said on Wednesday.

FILE PHOTO: An American Express and a Visa credit cards are seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration/File Photo

American Express (AXP.N) and Visa (V.N) have not submitted additional material required for review and the central bank cannot officially process their applications as of now, the People’s Bank of China said in a faxed statement to Reuters.

Reuters reported on Tuesday that China was pressing foreign payment card companies to form local joint ventures for onshore operations, a move that would counter a pledge on market access that Beijing made to U.S. President Donald Trump.

Reporting by Beijing Monitoring Desk; Editing by Edmund Klamann

Our Standards:The Thomson Reuters Trust Principles.

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