(Yicai Global) Aug. 28 -- US credit card issuer American Express began offering its financial services to customers in China yesterday through its new China joint venture that has now opened for business, the Paper reported.

In June, Express (Hangzhou) Technology Service became the first foreign-backed JV to receive a network clearing license from the People’s Bank of China, allowing it to clear Chinese yuan transactions on the mainland.

The firm's network can handle both online and offline payments made using American Express-branded cards in China. It can also support transactions on all major Chinese mobile payment platforms.

The JV has already begun working with 16 major Chinese banks, three third-party payment platforms and seven non-bank payment institutions to facilitate its bank card business.

The Chinese partner is Hangzhou-based Lianlian DigiTech, the country’s fourth largest third-party payment services provider.

Editor: Kim Taylor