American Express Granted Payment Clearing License by China's Central Bank

Discussion in 'Wall St. News' started by mlawson71, Jun 15, 2020.

  1. mlawson71

    mlawson71

    American Express is apparently expanding to China as it got a license from their central bank – the People’s Bank of China. That allows the American payments company to clear RMB transactions in mainland China. The license was facilitated by the local subsidiary of the company called Express Technology.

    American Express is the first major foreign company that has been given such a license from the country’s central bank, which regulates its financial policies.

    Express Technology mediated the event. It is a joint subsidiary between American Express and a local financial technology firm called Lianlian DigiTech.

    American Express plans to begin processing local transactions sometime later this year but the exact date has not been made public yet.

    I did not expect such deals to be made considering the tensions between the two countries, but business must continue.
     
    birdman likes this.