China approves American Express JV to set up clearing and settlement institution

U.S. | 11/9/2018 | Reuters Editorial
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BEIJING (Reuters) - China’s central bank said on Friday it has approved an application from American Express’ (AXP.N) Chinese joint venture (JV) to start preparations for setting up a clearing and settlement institution in the country.

American Express is the first foreign payments firm allowed to build a network in mainland China, months after Beijing laid out the rules for foreign-invested payment firms over market access and supervision.

JV - Express - Hangzhou - Technology - Services

The JV, named Express (Hangzhou) Technology Services Co, is required to complete operation preparations within a year and get a nod from the central bank before running the bank card clearing business, the People’s Bank of China said in a statement on its website.

The approval is a “significant step toward...
(Excerpt) Read more at: U.S.
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