12-Nov-18, Compelo

American Express has been granted preparatory approval from the People's Bank of China for a clearing and settlement license in mainland China.

American Express secures payments license in China (c) Beyond My Ken Wikipedia

Image: Beyond My Ken / Wikipedia

American Express can now begin building a network business to process domestic, RMB transactions through its joint-venture in China. American Express has formed a JV 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.

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