$V Visa has received approval from the People’s Bank of China (PBOC) for its Application to Prepare, allowing the company to begin formal preparations to establish a bankcard clearing institution in China. As most of you know MA operates as the co-brand badge on the back of other China cards for use outside of China. https://investor.visa.com/news/news-details/2026/Visa-Receives-Approval-to-Begin-Preparations-for-a-Domestic-Business-in-China/