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The
San Francisco-based payment processing company said the
long-awaited approval marked “a significant step forward in
Visa’s long-standing commitment to China.”
“We greatly appreciate the important role of the leaders of the
United States and China in pursuing a constructive and
strategically stable relationship between the world’s largest
economies,” Visa CEO Ryan McInerney said in a statement.
China's official Xinhua news agency said authorities require
that Visa complete preparatory work within one year. After that
it can apply to commence its domestic bank card clearing
business operations in the country.
Mastercard and American Express have already started domestic
clearing in China under joint ventures.
President Donald Trump said he raised the issue of access for
Visa during his visit to Beijing in May.
McInerney was part of the guest list at the White House Trump-Xi
dinner during Xi's Washington trip, alongside Mastercard CEO
Michael Miebach.
George Chen, partner and chair of digital practice at The Asia
Group, said the approval could be viewed as a goodwill gesture
from China toward the United States ahead of an expected
November meeting between Xi and Trump in Shenzhen, China, which
would be their third in-person meeting this year.
“The timing is notable,” Chen, of the Washington-based
consultancy that advises companies on doing business in markets
including Asia, said in written comments. “The move suggests
that Beijing is keen to demonstrate tangible progress for
American businesses before Trump’s next visit to China.”
Greater market access in financial services has long been a
priority for Washington, he added, and Visa’s approval can be
viewed as a positive sign of China’s willingness to expand
opportunities for foreign companies.
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