Mastercard Renews Effort to Enter Chinese Market – WSJ (paywall)

What happened: American credit card company Mastercard is partnering with Chinese online payment clearing house, NetsUnion Clearing Corp or Wanglian, a company with close ties to the regulator in charge of approving credit card businesses. Mastercard plans to hold a majority stake in the new joint venture, though no formal agreement has yet been signed.

Mastercard will reportedly refile its application to set up a card-clearing service in the country with the People’s Bank of China after establishing the JV.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.