Mastercard has secured Chinese government approval to enter the country’s electronic payment services market — 17 years after the sector was theoretically first opened to foreign investors.
In a statement on Tuesday evening, China’s central bank and banking regulator said the US card company’s application to launch a joint venture with a local company had been approved.
Securing long-delayed China market access for Mastercard, Visa and American Express was a key objective for Trump administration officials during the two countries’ “phase one” trade talks, which resulted in a preliminary trade agreement last month.
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