American Express (AXP) has announced that its joint-venture in mainland China has received approval from the People’s Bank of China (PBOC) for a network clearing license.This makes American Express 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.“We look forward to welcoming millions of new consumers, businesses and merchants in China to American Express, as well as continuing to enhance our support for our global customers when they travel to the region” AXP commented.Express (Hangzhou) Technology Services Company Ltd is American Express’ joint venture …read more
Source:: Yahoo Finance
