China central bank approves American Express for bank card clearance business

  • China
  • Saturday, 13 Jun 2020

SHANGHAI (Reuters): China's central bank said on Saturday (June 13) it has given American Express approval to set up a bank card clearance business in the country.

The People's Bank of China (PBOC) said the move reflected China's further opening up and reforms of its financial industry, according to a statement on its website.

Earlier, China has finalised new rules for companies looking to list on Shenzhen's ChiNext board, streamlining the listing process and allowing IPO pricing to be fully determined by the market.

Spurred on by the trade war with the United States, China has sought to make it easier for startups, particularly tech firms it sees as strategically important, to gain access to domestic capital and to be less reliant on other venues such as New York and Hong Kong.

The ChiNext reforms are modelled on rules used by Shanghai's Nasdaq-style STAR Market launched last July. Companies wanting to go public will no longer need approval from the China Securities Regulatory Commission.

Instead, the Shenzhen Stock Exchange, located in the southern tech hub, will vet applications based on disclosure rules. - Reuters
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