HONG KONG: American Express Co received approval to start bank card clearing services in China, making it the first foreign payments network to be allowed to process local currency transactions in one of the world’s largest markets.
The approval marks a win for the card giant amid rising political tension between the US and China sparked by the coronavirus outbreak and a crackdown on Hong Kong. It underscores China’s commitment to opening its US$45 trillion financial markets this year, in a bid to attract foreign capital and support growth.
China had 8.5 billion bank cards in circulation at the end of September, with over 90% of them debit cards.
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