U.S. Presses China on Mastercard, Citigroup Market Access in Bangkok Talks

{"

Regulatory Approval and Market Access":"The U.S. Treasury delegation, led by Deputy Secretary Francis Brooke, held bilateral meetings with Chinese counterparts in Bangkok. Visa's approval to prepare a domestic card-clearing business was part of the agreement reached during the meeting between Presidents Donald Trump and Xi Jinping in Washington last month. The talks included market access for U.S. companies, including Mastercard and Citigroup. The PBOC and National Financial Regulatory Administration have been working on implementing these deals.","

Citigroup's China Unit":"Citigroup is seeking a wholly owned securities license to conduct A-share brokerage, underwriting, research, and principal trading businesses in the onshore market. The bank applied in late 2021 and is expected to receive approval soon. Citigroup plans to increase its China securities staff to about 100.","

Visa's Approval":"Visa has up to a year to prepare before applying for an operating license. China has gradually lifted foreign ownership caps on services such as securities, futures, and fund management since 2018. Mastercard currently operates yuan card payments in China through a local joint venture with NetsUnion Clearing Corp., which began operating in 2024. The pending approval would allow Mastercard to operate as an independent entity."}