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American Express JV gets final approval to launch operations in China

REUTERS/Jason Lee/File Photo/File Photo

China’s central bank has given the final nod to a network clearing license for an American Express (AXP.N) joint venture, allowing it to be the first foreign credit card company to launch onshore operations in China.

The approval comes against a backdrop of high Sino-U.S. tensions, with disagreements over trade and Beijing’s imposition of a national security law for Hong Kong.

The People’s Bank of China (PBOC) said in a statement Saturday that it had approved the license for Express (Hangzhou) Technology Services Co., a joint venture between American Express and LianLian DigiTech Co Ltd. It said the move reflected China’s continued opening up of its financial industry.

13 June 2020

News Source Reuters

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