PBOC Says It’s Processing American Express Application for Bank Card Clearing Entity

 -  -  162

The Chinese central bank has indicated that it has started to review an application from an American Express subsidiary to do business in China.

On 8 January the People’s Bank of China (PBOC) released its “Inventory of the Central Bank’s 2019 Financial Sector Foreign Openings” (盘点央行的2019|金融业对外开放), revealing that it had started to review the application from an American Express joint-venture to commence business as a bank card clearing entity.

On 9 November 2018 PBOC publicly announced that it had examined and approved the bank card clearing entity preparatory application submitted by Liantong Company (连通公司) – American Express’s Hangzhou-based Chinese joint-venture.

American Express Travel Related Service holds a 49% equity stake in Liantong Company, while American Express Marketing Development holds another 1% of equity.

Lianlian Digital Technology Co., Ltd. (连连数字科技有限公司) holds a 50% stake in Liantong Company, whose total registered capital is one billion yuan.

Related stories

Pay­Pal’s China En­try Ex­pected to Shake up Mo­bile Pay­ments Mar­ket

For­eign Banks Es­tab­lish 41 Le­gal Per­son Lenders in China, To­tal As­sets Ap­proach $480 Bil­lion

Stan­dard Char­tered Be­comes First For­eign Bank to Launch Full Bank­ing and Pay­ments App

16 recommended
comments icon 2 comments
2 notes
bookmark icon

Write a comment...

Your email address will not be published. Required fields are marked *