(Bloomberg) — American Express Co. cleared a key hurdle in its bid to accessing China’s $27 trillion payments market after the central bank accepted its application to start a bank card clearing business.The People Bank of China made the announcement on its official Wechat account Wednesday, without giving more details. The decision to accept the application signals that it’s moving closer to final approval.AmEx in November 2018 became the first foreign company to win permission to start preparation for the business after forming a joint venture with LianLian, a Chinese fintech-services firm.The latest move shows progress in U.S. payment networks’ …read more
Source:: Yahoo Finance
