American Express receives China network clearing license

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.

BGC Partners’s subsidiary GFI with joint venture company in China

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.

Stephen J. Squeri, CEO of American Express said:

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.

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