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.
