SHENZHEN: China’s promotion of high-level institution-based openness in finance has been providing foreign financial companies with more opportunities as they keep improving and rolling out new services for consumers in the country’s vast market, said researcher and top executives from foreign financial companies operating in China.
According to China Global Television Network (CGTN), a new Mastercard product for domestic and international use was launched in November 2023. This initiative was approved by China’s central bank and the National Financial Regulatory Administration and is operated by Mastercard NetsUnion Information Technology (Beijing) Co. Ltd., a joint venture between Mastercard and NetsUnion Clearing Corporation (NUCC).
Mastercard NetsUnion Information Technology and NUCC authorised its member institutions to issue yuan-denominated “MasterCard” bank cards in China. The card’s issuance signifies a further orderly opening of China’s bank card clearing market to the outside world.
“In the futu
re, consumers and merchants will have more choices and will receive more differentiated and refined services,” said Dong Ximiao, Chief Researcher of Merchants Union Consumer Finance, a consumer finance company jointly formed by China Merchants Bank and China Unicom.
Allianz is one of the largest financial insurance groups in Europe. As a wholly owned shareholder, it invests in Allianz Global Investors, one of the earliest foreign asset management institutions to enter China.
“We got approval on 18th April to formally operate our mutual funds business in China. We have completed the application and got the approval in just a year and a month, which is the fastest among newly established wholly foreign-owned mutual fund management companies. China’s rapidly growing economy presents many opportunities, including in new energy and high technology, which are highly valued in global investment allocations,” said Leo Shen, General Manager of the Company.
Allianz Global Investors has expressed ongoing optimism abo
ut the opportunities in China and looks forward to deepening its involvement in ‘Chinese themes’ as a foreign-owned public offering fund management company.
“The policy focuses on the long-term, sustainable, high-quality development of the entire capital market, enhancing the efficient allocation of capital and reducing investment risks in the entire capital market. Therefore, investors may achieve better long-term investment returns in such a capital market environment,” said Phillip Cheng, the Company’s Head of Equity Research Department.
Source: Emirates News Agency
