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American Express Inches A Step Closer To Enter China’s $27T Market

By John F. Heerdink, Jr.

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.

To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: AmEx Moves Closer to Entering China’s $27 Trillion Market in Bloomberg)


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