Pursuant to the Decision of the State Council on Implementing Entry Administration of Bank Card Clearing Institutions, the Administrative Measures for Bank Card Clearing Institutions (PBC and CBRC Decree No.2 [2016]) and other relevant regulations, the People’s Bank of China (PBC), jointly with the China Banking and Insurance Regulatory Commission (CBIRC), reviewed and approved the application of the Express (Hangzhou) Technology Services Company (hereinafter referred to as the Express Company) for setting up bank card clearing business, and granted a bank card clearing license to the company.
The Express Company is a joint venture established in China by American Express. It will be allowed to increase its membership and authorize the issuance and processing of American Express branded bank cards in China after obtaining the license. According to relevant regulations, the Express Company shall start bank card clearing business within six months after obtaining the license. This is another concrete move that reflects China’s endeavor to expand financial sector opening-up and deepen financial supply-side reform. It will help to raise the level of payment and clearing services in China, promote RMB internationalization and provide financial consumers with diversified and differentiated payment services.
Going forward, the PBC will continue to take orderly steps based on laws to advance entries into the bank card market in an open, fair and just manner, further improve the post-entry regulatory system throughout the whole process, and make solid efforts to safeguard financial stability amid the pursuit of opening-up.
