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The People's Bank of China announced on October 13 that it has issued an administrative licensing decision to Visa Information Technology (Beijing) Co., Ltd., approving it to prepare for a bank card clearing institution. Subsequently, Visa is required to complete the preparatory work within one year, after which it may submit an application for opening. Once the People's Bank of China, together with the National Financial Regulatory Administration, approves the application, a bank card clearing business license will be issued. It is understood that Visa Information Technology (Beijing) Co., Ltd. is an enterprise legal person established in China by Visa Inc., and is a foreign-invested enterprise. (Xinhua News Agency).