American Express Clears Regulatory Hurdle To Enter China

The Wall Street Journal is reporting that China’s central bank has informed American Express that it would formally accept its application to clear and settle domestic bank-card transactions. Currently state owned UnionPay dominates the market with a 90%+ marketshare. American Express has a joint venture with China based mobile payments provider Lianlian, back in 2012 American Express licensed their serve technology to Lianlian.