China’s central bank offered American Express Co. the thumbs-up to begin operating a card-clearing network that will process deals in yuan, providing the U.S. card business higher access to the country’s spenders.
On Saturday, Amex stated it is the first foreign payment network to be accredited to clear domestic deals in mainland China. The New York-based business has a Chinese joint endeavor called Express Co. that will run the network and process local-currency payments made with Amex-branded cards. The network is expected …
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source https://jobsearchtips.net/american-express-gets-nod-to-start-operating-card-network-in-china/
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