American Express launches first RMB debit cards in China- PingWest
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American Express launches first RMB debit cards in China
14 hours agoAmerican Express announced Thursday that it will introduce two debit products in China that support RMB transactions on its network.
Details: The debit cards are jointly launched by Express (Hangzhou) Technology Service Co, a joint venture (JV) of American Express in China, and the China Industrial Bank. They are the first debit products to support renminbi transactions on the American Express network.
Other Chinese issuers, such as China Merchants Bank, China CITIC Bank and China Guangfa Bank, will also launch American Express-branded debit products in the coming months.
Currently, American Express is the first and the only foreign payments network licensed to process renminbi transactions in China.
The Hangzhou-based JV got a permit from China's central bank in June last June to operate the bank clearing network and process local currency payments made with American Express-branded cards.
Walter Liu, CEO of the JV, said that adding debit capabilities to the firm's network is another example of their unwavering commitment to China.
Context: China vows to continue with financial opening-up, which to date already include more than 100 foreign-invested banks and insurance, securities, payment, and clearing institutions being approved by regulators to operate in the country.
Last month, New York-headquartered BlackRock became the first foreign asset manager to operate a wholly-owned mutual fund business in China.
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