BEIJING – Visa has secured Chinese regulatory approval to begin preparations for a bank card clearing operation, opening a potential path for the U.S. payments company to compete in one of the world’s biggest financial markets.
The decision is being viewed by some analysts as a positive development for American companies, coming after Chinese President Xi Jinping met with President Donald Trump during a state visit to Washington last month.
Visa, which is headquartered in San Francisco, described the long-awaited authorization as “a significant step forward” in its enduring effort to expand its presence in 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 reported that Visa must finish its preparatory work within 12 months. Once that process is complete, the company can seek authorization to launch domestic bank card clearing operations.
Mastercard and American Express have already entered China’s domestic clearing market through joint ventures.
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Trump said he brought up Visa’s market access during a visit to Beijing in May.
McInerney later joined the guest list for a White House dinner held for Trump and Xi, attending alongside Mastercard CEO Michael Miebach.
George Chen, a partner and chair of digital practice at The Asia Group, said the approval may represent a goodwill signal from Beijing to Washington ahead of an anticipated November meeting between Xi and Trump in Shenzhen. It would be the leaders’ third face-to-face meeting of the year.
“The timing is notable,” Chen said in written comments. The Washington-based consultancy advises businesses operating across markets including Asia. “The move suggests that Beijing is keen to demonstrate tangible progress for American businesses before Trump’s next visit to China.”
Chen said Washington has consistently pushed for broader access to China’s financial services sector. In that context, Visa’s approval could signal a greater willingness by Beijing to create additional opportunities for foreign companies.
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