American Express Receives Clearance to Begin Processing Local Transactions in Mainland China
June 13 2020 - 6:00AM
Business Wire
Company becomes the first foreign payments
network to be granted a clearing license in mainland China
American Express (NYSE: AXP) announced today that its
joint-venture in mainland China, Express (Hangzhou) Technology
Services Company Limited (“Express Company”), has received approval
from the People’s Bank of China (PBOC) for a network clearing
license. With this, American Express becomes the first foreign
payments network to be licensed to clear RMB transactions in
mainland China. The company expects to begin processing
transactions later this year.
Express Company is American Express’ joint venture with Lianlian
DigiTech Co., Ltd, a Chinese fintech services company. Express
Company has built a network to clear domestic transactions charged
on American Express branded cards, and is also compatible with the
key mobile wallet players in China.
“We are pleased to be the first foreign company to receive this
license. This approval represents an important step forward in our
long-term growth strategy and is an historic moment, not only for
American Express but for the continued growth and development of
the payments industry in mainland China,” said Stephen J. Squeri,
Chairman and Chief Executive Officer of American Express. “We look
forward to welcoming millions of new consumers, businesses and
merchants in China to American Express, as well as continuing to
enhance our support for our global customers when they travel to
the region.”
Zhengyu Zhang, Chairman of LianLian DigiTech Co., Ltd. said,
“Lianlian is committed to providing the best payments and
payment-related fintech services to our commercial customers and
consumers across the globe. Against the backdrop of globalization
and China’s opening-up of its financial industry, we have been
actively introducing China’s mobile payments to the world, while
striving to learn from and connect with world-class financial
companies. We are confident that our joint venture with American
Express will provide more diversified bank card services to
consumers and commercial customers in and outside of China.”
Walter Liu, CEO of Express Company said, “We are proud to be the
first licensed foreign payments network in mainland China. We will
offer our partners differentiated services by bringing together the
best from American Express and Lianlian. Our focus now is to
continue the preparation work for a successful business launch by
working closely with the regulators and partners.”
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
which are subject to risks and uncertainties and contain words such
as “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,”
“should,” “could,” “would,” “likely” and similar expressions.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. The company undertakes no obligation to update
or revise any forward-looking statements. Actual results may differ
from those set forth in the forward-looking statements due to a
variety of factors, including those described in American Express
Company’s Annual Report on Form 10-K for the year ended December
31, 2019 and the company's other reports on file with the U.S.
Securities and Exchange Commission.
About American Express
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, travel
services, gift cards, prepaid cards, merchant services, Accertify,
InAuth, corporate card, business travel, and corporate
responsibility.
About Lianlian
Lianlian DigiTech Co., Ltd., founded in February 2009, offers
all-round financial services for consumers and small- and
medium-sized enterprises around the world through its financial,
payments, and clearing services systems.
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version on businesswire.com: https://www.businesswire.com/news/home/20200613005031/en/
Media Enquiries:
Fritz Quinn Tel: +65 9825 6687 Email:
william.f.quinn@aexp.com
Leah Gerstner Tel: +1 646-342-7819 Email:
leah.m.gerstner@aexp.com
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