Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. They look to enrich the lives of their customers and build business success.
Reportedly, the central bank accepted American Express’s bid to access China’s $27T payments market and start a bank card clearing business. The announcement was made on the official Wechat account of The People Bank of China marking it as progress in U.S. payment networks’ battle for access to mainland China.
In November 2018, American Express became the first foreign company to receive permission to start a business after its joint venture with a Chinese fintech-services firm, LianLian. The progress to enter China has been slow for payment networks like Visa Inc. and Mastercard and is still awaiting approval. In June 2015, China allowed foreign bank-card clearing providers to obtain licenses by setting up units or acquiring a local company and gradually ending monopoly by state-run China UnionPay Co. American Express will contend itself against large domestic players and a well-developed market for mobile payments.
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