According to CNN, the Chinese central bank has given Amex preliminary approval to handle payments in yuan today (9 November). The firm can now start setting up the payments network through a joint venture with LianLian Group, its Chinese partner.
The development means it is the first US credit card company to get the nod and opens up a world of potential. But as it’s China it also opens up a whole load of complexity.
In every other market around the world, Amex processes transactions through its own network – the hub is in Phoenix, Arizona.
