Visa, the global digital payments giant, said on Tuesday it has received approval from the People's Bank of China (PBOC) to begin formal preparations to establish a domestic bankcard clearing institution in the country. The approval, announced by Visa in a statement, marks an important milestone towards the company serving China's domestic payments market. “The approval of our application to prepare marks a significant step forward in Visa’s long-standing commitment to China," said chief executive Ryan McInerney. "We greatly appreciate the important role of the leaders of the United States and China in pursuing a constructive and strategically stable relationship between the world’s largest economies,” he added. Mclnerney said the company would take the necessary steps to begin operating domestically in China in accordance with the PBOC's regulations. The company statement said China is one of the world's most advanced and dynamic digital payments markets and that it looks forward to bringing its innovation, security and reliability to Chinese consumers and businesses. Edited by Edmond Fong