American Express (also known as AmEx) has submitted an application to the People’s Bank of China (PBOC) to expand its operations in the Chinese market.
China’s central bank has accepted the application filed by Amex, but has not yet announced a date for reviewing it.
Upon obtaining the PBOC’s approval, American Express will develop its network in China through collaboration with LianLian Group.
AmEx got a nod from the central bank to operate in the country in November 2018. Thus, it became the first US card payment company to operate in China.
After 10 years of attempts to access China, the country aims to open up the gates of its credit card payment market to such international players.
Lianlian plans to establish a global network to boost the popularity of the Chinese currency renminbi. PayPal and Apple are considered among the company’s most strategic partners.
In 2017, the firm had entered into partnership with Ripple to send and receive cross-border payments between the UK and US.
The number of bank cards circulated in China reached 8.2 billion in late September, with debit cards representing 90%.
Some foreign players had to partner with China-controlled UnionPay Company to access the country’s payment network.