logo
Plus   Neg
Share
Email

American Express JV Gets Approval To Begin Processing Transactions In China

American Express (AXP) announced that Express (Hangzhou) Technology Services Company Limited has received approval from the People's Bank of China for a network clearing license. American Express said it expects to begin processing transactions later this year.

Express Company is American Express' joint venture with Lianlian DigiTech Co., Ltd, a Chinese fintech services company. Express Company has built a network to clear domestic transactions charged on American Express branded cards, and is also compatible with the key mobile wallet players in China.

"This approval represents an important step forward in our long-term growth strategy and is an historic moment, not only for American Express but for the continued growth and development of the payments industry in mainland China," said Stephen J. Squeri, Chairman and Chief Executive Officer of American Express.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
Follow RTT