American multinational financial service Visa Inc. is preparing to participate in the yuan-denominated China business. The regulators are preparing to release rules facilitating foreign players to enter domestic market, a move that might happen as soon as July 2013.
Country manager of Visa Information Systems Co Ltd, Jeff Liao, said while talking to the reporters that his fingers are crossed for this opportunity and will be launching its first single-branded Visa card in China as soon as possible. Liao also went on to say, “We can support banks to issue a Visa product at any time, if the regulations allow”.
The country manager added that the company is open to the option of purchasing a local company and emphasized that it could also grow organically with the development of its own products. Liao stated that they are waiting to see what identity Visa can have and what business they can do and also to what extent they can progress to have access to the local market.
The country manager also revealed that the company has not yet applied to the central bank for any kind of renminbi license. According to Chinese laws, the foreign card companies need to co-brand with Chinese partners in order to support their card services.
