American Express’ joint venture with Chinese fintech services company Lianlian DigiTech Co., Ltd, has already set up a network to clear domestic transactions charged on American Express cards. It is also compatible with the essential mobile wallet players in China.
Stephen J. Squeri, CEO of American Express said:
We are pleased to be the first foreign company to receive this license. This approval represents an important step forward in our long-term growth strategy and is an historic moment, not only for American Express but for the continued growth and development of the payments industry in mainland China.
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