• CTM News

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

Subscribe to Our Newsletter

  • White Facebook Icon

ISSN: 2639-7714  ( Print )

ISSN: 2639-7730  ( Online )

P. O. Box 360722  Dallas, 75336 Texas

© 2020 by Christian Times Magazine