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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.

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