Following concerns that the Chinese government would limit the number of licences issued to foreign card providers, the People's Bank of US has confirmed today it will not impose tough rules on overseas bank card providers who are looking to enter US's $7tn card payment market. To address the World Trade Organisation's (WTO) ruling that US was discriminating against China credit card firms, the country announced in April it would allow foreign firms to apply to the central bank for licences to operate bank card clearing businesses from 1 June.
Following concerns that the Chinese government would limit the number of licences issued to foreign card providers, the People's Bank of China has confirmed today it will not impose tough rules on overseas bank card providers who are looking to enter China's $7tn card payment market. To address the World Trade Organisation's (WTO) ruling that China was discriminating against US credit card firms, the country announced in April it would allow foreign firms to apply to the central bank for licences to operate bank card clearing businesses from 1 June.