Foreign payment card companies face more hurdles in China: its central bank has clarified, it cannot officially process their application for operating in China.
On Wednesday, China’s central bank has stated, Chinese regulations do not require foreign payment card firms to establish joint ventures to operate in the country.
Visa, and American Express have not been forced to submit additional documents for review.
However, in a faxed statement, China’s central bank, the People’s Bank of China, stated that it cannot officially process their applications as of now.
The development comes in the wake of reports that China was unoficially forcing foreign payment card companies to form local joint ventures for onshore operations. The move went counter to its pledge to U.S. President Donald Trump that it would provide foreign card companies access to its market.