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PBOC allows entry of foreign bank card firms


06-08-2016 07:30 BJT

China will open up its 55-trillion-yuan card payment market to spur competition. That was the word from the People's Bank of China on Tuesday.

The PBoC says qualified foreign companies can apply to set up bank card clearing institutions in China. They must meet the same standards and processes as domestic companies. Foreign investors are permitted to participate in China's bank card clearing market by acquiring a domestic card clearing firm.

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