Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY (AXP)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweetsMarketScreener Strategies

American Express approved to offer clearing service in China

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/09/2018 | 03:37pm CET

American Express was notified on Friday that the People's Bank of China, the central bank, has granted preparatory approval to a joint venture established by the multinational financial services corporation in the Chinese mainland for its application for a clearing and settlement license in the mainland.

It means American Express can start doing the preparatory work for the construction of a bank card clearing network to process domestic renminbi-denominated transactions through the joint venture, which is registered as Express (Hangzhou) Technology Services Company.

After finishing all the preparatory work within a year, Express Company needs to apply for the central bank's approval before opening for business, said the PBOC in a statement posted on its website on Friday.

American Express has formed Express Company with the Chinese fintech Zhejiang LianLian Technology Co Ltd to build a network that will enable charges on American Express-branded cards to be cleared and settled domestically by the joint venture.

"We are pleased to be the first foreign payment network allowed to build a network in the Chinese mainland. This is an important next step toward being able to bring the benefits and services of our global network to Chinese customers and expanding the ability of our global card members to use their American Express cards in the Chinese mainland," said Stephen J. Squeri, chairman and CEO of American Express.

Zhang Zhengyu, chairman of LianLian Tech, said, "This is exciting news. LianLian will work together with American Express to seize this opportunity and do all the necessary preparatory work in accordance with relevant laws and regulations and with the guidance and assistance of the regulatory authorities."

Experts in the payment industry applauded the latest move of the People's Bank of China as a step forward toward the further opening-up of China's financial sector.

"It means that a second licensed card association, in addition to China UnionPay, will emerge from the segment of clearing (in the Chinese mainland), which is a crucial part of the financial infrastructure. This will help improve the competitiveness and the efficiency of bank card services and will also benefit consumers by allowing them to enjoy more diversified payment services," said Yang Tao, director of the Research Center for Payments and Settlements of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.

According to the People's Bank of China, it will push ahead with the approval for market access for bank card clearing institutions in a lawful, orderly way, abiding by the principles of openness, fairness and justification.

(c) 2018 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AMERICAN EXPRESS COMPANY
09:33aAPPLE : Colluding Banks Allegedly Slowed Apple Pay Switzerland
AQ
11/17Visa Confirms Brazilian Regulators Are Investigating Payment Companies -- Upd..
DJ
11/17Visa Confirms Brazilian Regulators Are Investigating PaymentCompanies
DJ
11/15AMERICAN EXPRESS CO : Regulation FD Disclosure (form 8-K)
AQ
11/15AMERICAN EXPRESS : Travel Unveils Its Top Trending Travel Destinations for 2019
PU
11/15AMERICAN EXPRESS : Launches American Express : GoTM , a New Virtual Payments Off..
BU
11/13CYPRUS : Government to call for tenders for credit card clearing agencies
AQ
11/13AMERICAN EXPRESS : and National Trust for Historic Preservation Award $450,000 i..
BU
11/13AMERICAN EXPRESS : Chief Executive Officer to Participate in the Goldman Sachs U..
BU
11/13ANOTHER REASON TO SHOP SMALL® ON SMA : Approximately 67 Cents of Every Dollar Sp..
BU
More news
News from SeekingAlpha
11/15Tracking Warren Buffett's Berkshire Hathaway Portfolio - Q3 2018 Update 
11/15American Express October delinquency rate improves M/M 
11/15American Express launches virtual payments product 
11/15Tracking Gardner Russo & Gardner Portfolio - Q3 2018 Update 
11/12Tracking Dan Loeb's Third Point Portfolio - Q3 2018 Update 
Financials ($)
Sales 2018 40 428 M
EBIT 2018 11 706 M
Net income 2018 6 352 M
Debt 2018 -
Yield 2018 1,35%
P/E ratio 2018 14,85
P/E ratio 2019 13,47
Capi. / Sales 2018 2,31x
Capi. / Sales 2019 2,15x
Capitalization 93 507 M
Chart AMERICAN EXPRESS COMPANY
Duration : Period :
American Express Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMERICAN EXPRESS COMPANY
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 115 $
Spread / Average Target 4,9%
EPS Revisions
Managers
NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AMERICAN EXPRESS COMPANY10.22%93 507
CAPITAL ONE FINANCIAL CORPORATION-11.99%41 511
DISCOVER FINANCIAL SERVICES-8.06%23 759
ORIX CORPORATION-7.42%21 102
BAJAJ FINANCE37.10%19 239
SYNCHRONY FINANCIAL-32.89%18 622