Update on Visa Asia/Pacific and China

The Asian Banker reports on Visa's activities in its Asia/Pacific region.

“The big prize for China is to try to work with China Union Pay and the banks there to modernize the domestic structure,” says Keeley, “which we’ve been very supportive of. We’ve been working with China Union Pay very positively, and with the PBoC, to make sure that the China market is developed with international standards, which they’ve been very keen to do.”

“I’m sure that there will be speed bumps along the road,” adds Keeley when talking about the growth expected in China, and he highlights the importance of moving carefully in China is to ensure issuers have good risk management practices, responsible lending, good credit underwriting, and “all the basics of good banking – know your customer, understanding how to best advance credit, good collections policy, responsible lending…”