American Express Co. credit cards are arranged for a photograph in New York, U.S. (Photographer: Scott Eells/Bloomberg)

AmEx Is First Foreign Payment Company Granted Access to China

Nov 09 2018, 3:17 PMNov 09 2018, 5:29 PMNovember 09 2018, 3:17 PMNovember 09 2018, 5:29 PM

(Bloomberg) -- American Express Co. said the People’s Bank of China approved its license to become the first foreign payments company allowed to build a network in the nation.

AmEx formed a joint venture with LianLian, a Chinese fintech-services firm, that will let charges on American Express-branded cards be cleared and settled in China, the New York-based company said Friday in a statement.

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For the full statement, click here.