China's central bank on Saturday announced that it had approved an application by American Express' Chinese venture to conduct bank card clearing operations in the country.
"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," said Stephen J. Squeri, chairman and chief executive officer of American Express.
This means that Tencent Financial Technology has reached a cooperation agreement with Express (Hangzhou) Technology Services Company Limited.
"Our cooperation is conducive to the more open and international development of China's payment and bank card clearing services," said Chen Qiru, vice president of Tencent Financial Technology.
American Express will also carry out cooperation with the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, China UnionPay and Alipay.
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