American Express receives People’s Bank of China’s preparatory approval for a clearing & settlement license in mainland C...
November 09 2018 - 6:38AM
Business Wire
American Express (NYSE:AXP) was notified today that the People’s
Bank of China (PBOC) has granted preparatory approval for a
clearing and settlement license in mainland China.
American Express can now begin building a network business to
process domestic, RMB transactions through its joint-venture in
mainland China.
American Express has formed a joint-venture 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 by the joint-venture. The joint-venture is
registered as Express (Hangzhou) Technology Services Company
(Express Company).
American Express Chairman and Chief Executive Officer Steven J.
Squeri said, “We are pleased to be the first foreign payments
network allowed to build a network in mainland China. This is an
important next step toward being able to bring the benefits and
services of our global network to Chinese customers and expanding
the ability of our global Card Members to use their American
Express Cards in mainland China. We are also pleased to be working
alongside LianLian, a long-term partner of American Express.”
LianLian Chairman Dixon Zhang said, “This is exciting news.
LianLian will work together with American Express to seize this
opportunity and do all the necessary preparatory work in accordance
with relevant laws and regulations and with the guidance and
assistance of the regulatory authorities.”
Express Company CEO Walter Liu said, “We are pleased that the
PBOC has given us preparatory approval for a clearing and
settlement license in mainland China. As a joint-venture, we will
bring together the power of American Express’ global brand and
network, and the local knowledge, resources and experience of
LianLian.”
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 is a leading fintech services company in China,
providing industry customers with innovative fintech solutions and
promoting economic growth based on its key strengths in mobile
internet, block chain, big data, and artificial intelligence.
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version on businesswire.com: https://www.businesswire.com/news/home/20181109005212/en/
Media Contacts:Fritz QuinnTel: +011 852 2811
6638Email: william.f.quinn@aexp.comorLeah GerstnerTel:
212-640-3174Email: leah.m.gerstner@aexp.com
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