Reportedly, China’s central bank The People’s Bank of China (PBOC) has approved network clearing license for Express (Hangzhou) Technology Services Co, an American Express joint venture between American Express and LianLian DigiTech Co Ltd. American Express had applied in January to start operations in China and expects to begin processing transactions later this year.
“This approval represents an important step forward in our long-term growth strategy and is a historic moment, not only for American Express but for the continued growth and development of the payments industry in mainland China,” stated Stephen J. Squeri, chairman and chief executive officer of American Express.
The bank has also approved Mastercard’s application for China joint venture for bank card clearing operations in the country, but the company is still awaiting a network clearing license. However, Card giant Visa’s application in early 2018 is still awaiting approval.
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. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.
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