Finance & Economics

First foreign payments network received approval to operate in China

American Express receives People’s Bank of China’s preparatory approval for a clearing and settlement license in mainland China

First foreign payments network received approval to operate in China. Source: shutterstock.com

American Express announced that the People’s Bank of China has granted preparatory approval for a clearing and settlement license in mainland China. American Express can now begin building a network business to process domestic, RMB transactions through its joint-venture in mainland China.

American Express has formed a joint venture with Chinese fintech services company LianLian to build a network business that will enable charges on American Express branded cards to be cleared and settled domestically by the joint-venture. The joint-venture is registered as Express (Hangzhou) Technology Services Company (Express Company).

We are pleased to be the first foreign payments network allowed to build a network in mainland China. This is an important next step toward being able to bring the benefits and services of our global network to Chinese customers and expanding the ability of our global Card Members to use their American Express Cards in mainland China. We are also pleased to be working alongside LianLian, a long-term partner of American Express
Stephen J. Squeri, American Express Chairman and CEO

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