November 9, 2018

American Express receives People’s Bank of China’s preparatory approval for a clearing and settlement license in mainland China

SHANGHAI–(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 America


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