American Express given permission to operate in China
China’s central bank announced that the application of American Express (AmEx) to operate in China has been approved.
The social media post, however, does not disclose when the company will start to operate in China. Back in November 2018, AmEx won approval from the People’s Bank of China to clear card payments, making it the US first card network to gain direct access to the country.
Final approval is still required for AmEx to start its operations in China. The approval of a licence to operate in China allows the company to settle payments in yuan in domestic markets with the help of its Chinese partner, LianLian Group.