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AmEx nears deal to enter China

Published 04/26/2018, 09:07 AM
Updated 04/26/2018, 09:07 AM
© Reuters.  AmEx nears deal to enter China
  • via WSJ
  • American Express (NYSE:AXP) could become the first U.S. card network to offer services in China after the PBOC approved its application to clear and settle domestic bank-card transactions (via a JV with Lianlian Group).
  • It's a first step towards AmEx getting a piece of China's fast-growing electronic-payment market, and Beijing will no doubt take note of the approval when White House advisors visit next week for trade talks.
  • Still, the fact that AmEx is taking on a Chinese partner illustrates the troubles foreigners face when trying to do banking business there. There's no level playing field, says WilmerHale's Lester Ross, just a door "for firms to crawl through."
  • Now read: Featured Stocks In March's Dividend Growth Model Portfolio


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