Caixin
Jan 26, 2019 02:42 AM
FINANCE

Mastercard Tries Again to Break Into China

Mastercard said it will submit a new application for a bankcard clearing license in China. Photo: VCG
Mastercard said it will submit a new application for a bankcard clearing license in China. Photo: VCG

Another major American card company is trying to enter China as Beijing promises to further open up foreign access to its vast credit card market.

Mastercard Inc. said Friday that it will submit a new application for a bankcard clearing license in China in the very near future.

The move came after years of failed efforts by the credit card giant to obtain a license and after its smaller rival American Express gained preliminary approval last November. But Sino-American trade tensions may get in the way as Chinese officials seek assurances that customers won’t be harmed in the event of U.S. sanctions on financial services, Caixin has learned.

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