Skip to content
Subscriber Only

AmEx Wins Clearing License for China’s $27 Trillion Market

  • Central bank grants final approval for New York lender
  • Amex will face tough competition from Alipay, WeChat Pay
AMEX credit cards
AMEX credit cardsPhotographer: Andrew Harrer/Bloomberg
Updated on

American Express Co. received approval to start bank card clearing services in China, making it the first foreign payments network to be allowed to process local currency transactions in one of the world’s largest markets.

The People’s Bank of China granted a network clearing license to American Express’s China joint venture, Express (Hangzhou) Technology Services Co., the central bank said in a statement on Saturday. The company, which won initial approval in 2018, is required to start the clearing service within six months, according to the statement.