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).

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