American Express Receives Preparatory Approval for Clearing and Settlement Licence in Mainland China
American Express has been notified that the People’s Bank of China (PBOC) 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).