American Express announced its joint-venture in China, Express (Hangzhou) Technology Services Company Ltd, has received approval from the People’s Bank of China for a network clearing license.
The American multinational financial services corporation becomes the first foreign payments network to be licensed to clear RMB transactions in China. Amex is expected to start processing transactions later this year.
American Express commented:
We look forward to welcoming millions of new consumers, businesses and merchants in China to American Express, as well as continuing to enhance our support for our global customers when they travel to the region.
American Express’ joint venture with Chinese fintech services company Lianlian DigiTech Co., Ltd, has already set up a network to clear domestic transactions charged on American Express cards. It is also compatible with the essential mobile wallet players in China.
We are pleased to be the first foreign company to receive this license. This approval represents an important step forward in our long-term growth strategy and is an historic moment, not only for American Express but for the continued growth and development of the payments industry in mainland China.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.