logo
Plus   Neg
Share
Email

American Express Receives Approval To Clear Domestic Transactions In China

American Express (AXP) said that its joint-venture in mainland China, 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 becomes the first foreign payments network to be licensed to clear RMB transactions in mainland China. The company expects to begin processing transactions later this year.

Express (Hangzhou) Technology Services is American Express' joint venture with Lianlian DigiTech Co., Ltd, a Chinese fintech services company. The joint-venture 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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
U.S. auto safety regulator has opened an investigation into about 115,000 Tesla electric vehicles over a front suspension safety issue. The probe covers 2015 through 2017 Model S sedans and 2016 through 2017 Model X SUVs. The investigation comes after Tesla reportedly started a recall over the issue for vehicles in China. Santa Cruz Bicycles LLC has recalled certain model year 2020 bicycles with aluminum frames citing fall risks, according to the U.S. Consumer Product Safety Commission. The recall involves about 2,900 units of model year 2020 Auminum Santa Cruz and Juliana Bicycles. In addition, about 216 were sold in Canada. AstraZeneca is mulling an additional global trial to confirm the 90% efficacy rate of its Covid-19 vaccine candidate at lower dosage, Bloomberg news quoted Chief Executive Officer Pascal Soriot as saying. In an interview, Soriot noted that instead of adding the trial to an ongoing U.S. process, the company might launch a fresh study to evaluate efficacy of lower dosage of its vaccine that perform
Follow RTT