American Express Granted Payment Clearing License by China's Central Bank

[mlawson71]

American Express is apparently expanding to China as it got a license from their central bank – the People’s Bank of China. That allows the American payments company to clear RMB transactions in mainland China. The license was facilitated by the local subsidiary of the company called Express Technology.
American Express is the first major foreign company that has been given such a license from the country’s central bank, which regulates its financial policies.
Express Technology mediated the event. It is a joint subsidiary between American Express and a local financial technology firm called Lianlian DigiTech.
American Express plans to begin processing local transactions sometime later this year but the exact date has not been made public yet.
Source
Tensions between China and the USA may be high, but business must continue, it seems.