What’s new: U.S. credit card giant American Express Co. increased its investment for a majority stake in a clearinghouse joint venture in China, tapping further into the business backed by the trillions of dollars in card transactions made in the country each year.
The People’s Bank of China (PBOC) has approved Express (Hangzhou) Technology Services Co. Ltd. to increase its registered capital by nearly 14% from 5.06 billion yuan to 5.76 billion yuan ($709 million – $807 million), according to the central bank’s website.
