AmEx JV gets preliminary license for China clearing

Business 11/9/2018, 1:38 PM
AmEx JV gets preliminary license for China clearing

American Express Co. said on Friday, after the People's Bank of China granted a preparatory approval for the country's mainland, that its joint venture in the most populous nation is preparing to start clearing and settlement operations. It would be the first license for a foreign-based operator for transactions in yuan, the domestic currency, also known as renminbi.

The affiliate, founded with LianLian, has 12 months to set up the network and the central bank needs to give a final green light. The entity is registered as Express (Hangzhou) Technology Services Co., or Express Co.

"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," said Steven Squeri, AmEx's chairman and chief executive.

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