American Express becomes China's first foreign card clearer (2018-2020)
China approved American Express's joint venture, Express (Hangzhou) Technology Service Co., in 2018. The venture launched operations in 2020 as the first foreign-funded bank card clearing institution in the country.
Express Hangzhou began clearing renminbi-denominated card transactions through its joint venture.
It set the template — a local unit or joint venture winning PBOC approval — that Mastercard and now Visa followed.
Visa's approval mirrors the American Express path, right down to the one-year preparatory window.
