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.
Express (Hangzhou) Technology Services Company Ltd is American Express’ joint venture with Lianlian DigiTech, a Chinese fintech services company. The new joint venture has already built a network to clear domestic transactions charged on American Express cards, and is also compatible with the key mobile wallet players in China.
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