Approval for Visa launch in China

American Visa Inc. has received approval from the Chinese Central Bank to prepare for establishing a local entity to settle payment card transactions in China. This comes as part of its efforts to enter the Chinese market following its opening to foreign card companies. Chinese regulations require completing regulatory procedures and meeting technical and data requirements, such as storing data within the country. This step follows licenses granted to other companies like American Express and MasterCard to operate locally. It is an important move to strengthen Visa's presence in the Chinese market. However, the company has not yet begun settlement operations and is still completing the necessary regulatory procedures.

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