PURCHASE, N.Y.—After years of unsuccessful efforts to enter the Chinese market, Mastercard is trying again by joining with a Chinese company close to the regulator in charge of approving credit card businesses.
The card network plans to set up a joint venture with NetsUnion Clearing Corp., a clearing house for online payments more commonly known as Wanglian, The Wall Street Journal reported.
Citing a person familiar with the matter, the Journal said Mastercard will then refile its application with the People's Bank of China, which is in charge of approving card-clearing services.
American Express won approval last year to set up card-clearing services, also as a joint venture with a domestic fintech firm instead of as a wholly-owned business, the Journal noted.