It will be the first time an international payment firm has held such a significant conference in China.

At least 120 senior bankers with its member banks and selected staff from six regional boards are expected to attend the twice-yearly event.

It is regarded as the most important gathering of Visa's member banks and will be the first all-board gathering in Asia.

"The selection of the venue for the June 2003 meeting in Beijing demonstrates the importance of the Chinese market to the bank card industry," said Rupert Keeley, president and chief executive officer of Visa International Asia Pacific.

During an interview on Wednesday with China Daily, Keeley said Visa considered the country to be one of its most important emerging markets.

He said the payment industry in China was poised for very strong growth in the next five years.

The all-board meeting provides board members with the opportunity to discuss and act on continuing regional and international business, as well as exchange views with each other and key executives.

According to Keeley, the meeting also provides board members with new information and perspectives on issues like the development of online settlements.

"Visa is committed to working together with China to help meet the country's payment needs and this meeting will provide many of our members from around the world with a unique perspective and introduction to the country," Keeley said.

The payment firm started in San Francisco in 1993 and now has offices in Beijing and Shanghai, two powerhouses of China's booming economy.

A further 17 commercial banks and payment institutions have lined up with the company to become member banks of the international payment system.

(China Daily August 22, 2002)