Pursuant to the Decision of the State Council on the Market Entry Management of Bank Card Clearing Institutions and the Administrative Measures on Bank Card Clearing Institutions, the People's Bank of China (PBC), together with the National Financial Regulatory Administration, approved the application from MasterCard NUCC Information Technology (Beijing) Co., Ltd (hereinafter referred to as MasterCard NUCC) to establish a bank card clearing institution in China. On November 17, 2023, PBC granted the clearing license to MasterCard NUCC.
MasterCard NUCC, a joint venture between MasterCard and NetsUnion Clearing Corporation (NUCC) in China, may authorize its member institutions to issue and operate "MasterCard" branded yuan-denominated cards in China upon approval.
