AmEx wins clearing license for China’s US$27 trillion market (update)

American Express Co received approval to start bank card clearing services in China, making it the first foreign payments network to be allowed to process local currency transactions in one of the world’s largest markets. The People’s Bank of China granted a network clearing license to American Express’s China joint venture, Express (Hangzhou) Technology Services Co. - Image from the The Star/Asian News Network

BEIJING/SHANGHAI: American Express Co received approval to start bank card clearing services in China, making it the first foreign payments network to be allowed to process local currency transactions in one of the world’s largest markets.

The People’s Bank of China granted a network clearing license to American Express’s China joint venture, Express (Hangzhou) Technology Services Co, the central bank said in a statement on Saturday.