Mastercard Expands Operations in China, Receives Regulatory Approval for Yuan-Denominated Bank Card Clearing Service with AI Tie-Up and Crypto Fraud Detection

Mastercard has received regulatory approval to expand its operations in China. This includes running a yuan-denominated bank card clearing service, issuing credit cards, and processing domestic payments. The approval allows Mastercard to tap into the trillions of dollars in card transactions made in China annually. The company's efforts to detect and tackle crypto fraud have also been doubled with an AI tie-up. Mastercard's wider acceptance in China is expected to benefit expats, visitors, and the company's overall presence in the country.