In August, 2020, Express (Hangzhou) Technology Services Co., Ltd. (Express Company), a joint venture between American Express and LianLian DigiTech Co., Ltd., was officially inaugurated, becoming the first international "card organization" gaining presence in the Chinese market, and also the first Chinese-foreign joint equity institution for bank card clearing established in the domestic market.

The operation of Express Company also means that its card clearing network can enable online and offline charges on American Express branded cards to be settled in China and can support their users in connecting their cards to major mobile payment platforms to do transactions. To date, Express Company has partnered with 26 institutions for bank card clearing business. Among the first 16 banks it cooperates with, several banks have already introduced nearly 20 American Express-branded renminbi cards one after another.

Relevant Policy

Official Reply of the State Council on the Working Plan for Deepening a New Round of Comprehensive Pilot Projects of Further Opening up the Service Sector, and Building a Comprehensive Demonstration Zone for Further Opening up the National Service Sector in Beijing (Guo Han [2020] No.123)

Extended Reading

After being licensed, Express Company can expand its member institutions and authorize the issuance and business acceptance of American Express branded cards in China. American Express officially announced on its official website in the early morning of August 6, 2020, that the bank card clearing system operated by Express Company was officially launched, indicating that American Express, as the first international "card organization" gaining presence in the Chinese market, officially unveiled its operation in China. So far, Express Company has joined hands with the first batch of partners, including 16 mainstream banks, 3 major mobile payment leading platforms and 7 non-bank payment institutions in China, to launch bank card clearing business in a steady and orderly manner.