Mastercard registers joint venture with local partner NetsUnion

The American company is finally entering China.

Mastercard’s joint-venture with local partner NetsUnion was approved by China’s market regulation body on Wednesday, the company’s registry record shows.

The successful registration of the joint-venture, where Mastercard controls a 51% stake and 49% is held by NetsUnion, clears way for the American financial services corporation’s entry to the vast Chinese market after failed attempts last year. Mastercard had previously filed a separate application to form a joint-venture with several Chinese partners, but was held back by by Beijing’s regulators, according to the Wall Sreet Journal.

NetsUnion is a clearing house for online payments. It was set up in 2017 with backing from the People’s Bank of China, China’s central bank.