Mastercard RMB bank card approved for issuance within China
2023-11-20
After UnionPay and China Express, Wanshi Wanglian Company has become the third bank card clearing institution in China and also the second Sino foreign joint venture bank card clearing institution in China. On November 19th, the People's Bank of China announced that the People's Bank of China, in conjunction with the State Administration of Financial Regulation, will review and approve the application for the opening of a bank card clearing institution submitted by "Wanshi Wanglian Information Technology (Beijing) Co., Ltd." (hereinafter referred to as "Wanshi Wanglian Company"). On November 17th, the People's Bank of China issued a bank card clearing business license to Wanshi Online Company. This is another measure to open up China's bank card market. An open bank card market is conducive to providing diversified and differentiated services to all parties in the industry, and building a reasonable and stable bank card industry structure. Orderly Promotion of Market Access for Bank Card Clearing: MasterCard is a joint venture established by MasterCard and Internet Clearing Co., Ltd. in China. According to Tianyancha information, the registered amount of Wanshi Wanglian Company is 1 billion yuan, with a total stake of 51% held by MasterCard through its subsidiaries and 49% held by Wanglian Technology Co., Ltd., a wholly-owned subsidiary of Wanglian Clearing Co., Ltd. The chairman of Wanshi Internet Company is Ling Hai, the co president of MasterCard Asia Pacific. According to public information, MasterCard currently provides services to consumers, governments, and merchants in over 210 countries and regions. Its predecessor was the Interbank Card Association, an organization founded by American financial institutions in the 1960s. Currently, international mainstream card organizations also include VISA, American Express, China UnionPay, JCB, and others. Among them, the joint venture company Connect (Hangzhou) Technology Services Co., Ltd. initiated by American Express in China is the second approved bank card clearing institution in China. The People's Bank of China stated that in the next step, it will continue to follow the principles of openness, fairness, and impartiality, promote the entry of the bank card clearing market in an orderly manner in accordance with the law, coordinate development and security, continuously improve the regulatory mechanism of bank card clearing institutions, and promote the high-quality development of the payment industry. Providing differentiated services for all parties in the industry chain and financial consumers "is another landmark event in the new round of opening up of China's financial industry to the outside world." Dong Ximiao, Chief Researcher of China Merchants Association, said that the opening up of China's bank card clearing market means that China's financial industry has entered a stage of opening up financial infrastructure, which will promote China's domestic payment clearing market to better comply with international rules and improve service levels Preventing and controlling financial risks is of great practical significance for promoting the structural reform of the financial supply side and enhancing the ability of financial services to serve the real economy. Wang Pengbo, Chief Analyst of the Financial Industry at Broadcom Consulting, believes that after years of preparation and acceptance, Wanshi Netcom has officially been approved, which overall meets market expectations. This is also a specific measure taken by the financial management department to implement high-level financial openness, which is conducive to promoting the high-level development of the payment and clearing industry in the process of introducing high-quality competitors, and providing better differentiated services for all parties in the industry chain and financial consumers. The People's Bank of China has clearly stated that it is possible to issue RMB bank cards under the "Mastercard" brand
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Shanghai Securities Daily
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