News Formal

AmEx moves closer to entering China’s US$27 tril market

  • 📰 fmtoday
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 72%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

The latest move shows progress in US payment networks’ battle for access to Beijing. FMTNews China

SHANGHAI: American Express Co cleared a key hurdle in its bid to accessing China’s US$27 trillion payments market after the central bank accepted its application to start a bank card clearing business.

AmEx in November 2018 became the first foreign company to win permission to start preparation for the business after forming a joint venture with LianLian, a Chinese fintech-services firm. China in June 2015 allowed foreign bank-card clearing providers to obtain licences by setting up units or acquiring a local company, ending a monopoly by state-run China UnionPay Co. But progress in entering China has been slow for Visa Inc and Mastercard, the world’s two biggest payment networks, with neither firm as of yet obtaining approval.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks, gold and oil whipsawed as Iran strikes pushes Mideast to brinkFinancial markets roil after Iran attacks US forces in Iraq leaving investors fearful of wider conflict.
Source: malaysiakini - 🏆 20. / 51 Read more »