AmEx wins clearing license for China’s US$27 trillion market

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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China needs to do more on market access, Merkel tells Li | Malay MailBERLIN, June 11 — German Chancellor Angela Merkel stressed in a video conference with Chinese Premier Li Keqiang that Beijing needs to take action to open up its market and treat foreign companies fairly, her spokesman said today. German firms want better market access in China and more legal... ✊🇩🇪 Like the Daimler purchase, it's evident the Chinese will stripe off technology from Daimler's development for Chinese brand name. MercedesBenz existence is only as good as it's global perceived value. No communist Chinese will ever open the world largest market for Germans
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