American Express, a credit card payment provider, partnered with Ripple to send and receive cross border payments back in 2017, now, filed an application at the Central Bank of China (PBOC) to expand the services in China.
American Express is a FinTech giant company and especially known for providing credit cards and services related to payments. It is considered as one of the crucial partners of the Ripple, payments provider based on blockchain, and both were previously working together to make the process of cross-border payments fast and instant by exploiting the blockchain technology.
Reuters reported recently that the Central Bank of China called the People’s Bank of China (PBOC) accepted an application from the American Express. The Ripple’s partner wanted to settle down its operations of card payment services in cooperation with Ripple. That means Ripple is also entering into the Chinese markets.
The information about the filing of the application on the part of American Express is conveyed through the official social site of the People’s Bank of China. In the case of acceptance of the application by the Central Bank of China, American Express will be able to develop its network in the country with the assistance of LianLian Group.
In November 2018, PBOC has also given permission to AmEx to operate in the country. AmEx was the first US card payment firm to be established in China. Following AmEx, the American Express has also decided to expand its wings in the country.
Ripple’s partnership with American Express
In 2017, Ripple made a partnership with American Express and Santander-Spain-based finance giant- to applied the blockchain technology to speed up the activity of cross-border payments between the US and the UK.
From that onward, both companies are engaged to expand the services across the countries using the blockchain technology. At the time of partnership, Marc Gordon, the SVP and the chief technology officer of the American Express commented while speculating about their mutual partnership:
This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world