American card giant American Express has received the nod of the Chinese central bank to commence operations in the country.
The decision was announced in a post by the People’s Bank of China (PBOC) on social media.
Go deeper with GlobalData
However, the central bank did not provide any precise timeline as to when the operations of American Express would begin in China.
American Express now awaits final approval from the central bank to start operations.
In November 2018, the card issuer secured the green light from China’s central bank to clear card payments.
The firm is the first card issuer in the US to gain direct access to China.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAmerican Express has also established a joint-venture (JV) with China’s LianLian to build a network business. It will allow charges on American Express cards to be settled domestically.
