The central bank approves Visa's subsidiary Visa Inc. to prepare for a bank card clearing institution.

Zhitong Finance APP has learned that on October 13, the People's Bank of China updated its administrative licensing information for bank card clearing institutions and issued a decision granting administrative licensing to Visa Information Technology (Beijing) Co., Ltd., approving it to prepare for a bank card clearing institution. According to the arrangement, Visa is required to complete the preparatory work within one year, after which it may submit an application for opening. Once the People's Bank of China, together with the National Financial Regulatory Administration, approves the application, a bank card clearing business license will be issued. It is reported that Visa Information Technology (Beijing) Co., Ltd. is an enterprise legal person established by Visa within China and is a foreign-invested enterprise.