China Opens Bank-Card Clearing to Foreign Firms From June
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China’s government indicated that it plans to end a monopoly in bank-card clearing from June, paving the way for companies such as MasterCard Inc. and Visa Inc. to get a foothold in an industry that handles $73 trillion a year.
Rules published Wednesday by the State Council allow for foreign firms to obtain licenses for such businesses by setting up units or acquiring local players. They take effect June 1, China’s cabinet said on its website.