American Express has become the first foreign company to be allowed to process yuan transactions in China as it received final approval to start operating a bank card clearing network in the country.
China’s central bank announced on Saturday that it had granted a clearing licence to American Express’s joint venture with LianLian DigiTech, Express (Hangzhou) Technology Services. The company, which won initial approval two years ago, is set to start the clearing services within six months, according to the statement.
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