American card giant American Express has received the nod of the Chinese central bank to commence operations in the country.
The decision was announced in a post by the People’s Bank of China (PBOC) on social media.
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However, the central bank did not provide any precise timeline as to when the operations of American Express would begin in China.
American Express now awaits final approval from the central bank to start operations.
In November 2018, the card issuer secured the green light from China’s central bank to clear card payments.
The firm is the first card issuer in the US to gain direct access to China.
American Express has also established a joint-venture (JV) with China’s LianLian to build a network business. It will allow charges on American Express cards to be settled domestically.
