On August 28, 2020, the inauguration ceremony for Express (Hangzhou)Technology Services Company Limited, China’s first joint venture bank card clearing institution with a foreign partner, was held in Hangzhou West LakeState Guesthouse. The Vice Governor of Zhejiang Province attended the ceremony and delivered a speech, and leaders of the Hangzhou Central Sub-branch of the People's Bank of China and relevant departments of some provinces, cities and districts also attended the event.
Zhang Zhengyu, Chairman and CEO of LianLian Group, said in his speech that the inauguration of American Express was a connection between the young LianLian and the time-honored American Express, new and traditional financial payment environments, and the Chinese and international markets. These connections converge into the "Lian" (meaning "connection")of American Express. However, American Express has a lot to do to truly reach all directions and embrace the historical opportunities and bright future of theChinese market. He expressed hope that American Express will have a bright future and might become a model for Sino-US cooperation.
Stephen J. Squeri, Chairman and CEO of American Express, said in a video speech that the day marked another important milestone, and important step for the two companies’ long-term development strategies – a historic moment for the sustained growth and development of American Express, LianLian Group and evenChina's whole payment sector. He expected that the combined advantages ofAmerican Express and LianLian Group will win the favor of more Chinese consumers,enterprises and merchants, and provide better service and experience for both companies’ customers.
Walter Liu, CEO of American Express, said in his speech that as the first licensed joint venture bank card clearing institution in China with a foreign company, American Express will provide differentiated services and value to card issuing and acquiring partners, relying on three unique advantages ofLianLian Group and American Express: product, customer, and risk and information management. He looked forward to working with partners around the world to empower consumers, corporate customers, and merchants, so that they can live more colorful lives and improve their performance. American Express was jointly established by LianLian Group and American Express in October 2017. InNovember of the following year, it was approved by the People's Bank of China to become a bank card clearing institution. In June 2020, it obtained the BankCard Clearing Business License from the People's Bank of China. It has now started carrying out steady and orderly batch bank card clearing service with partners including 16 domestic banks, 3 major mobile payment head platforms, and 7non-bank payment institutions.