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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.

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