Amidst rising political tension between the U.S. and China, China's financial sector has been undergoing accelerating transformation towards further opening-up its €39 trillion financial services industry, where even a small fragment of the market may be lucrative. In this sense, the upcoming event comes to show a model example of a foreign company seizing an opportunity and leading the way in what it was an untapped market for foreign companies until now.
Thus, in June 2020, American Express (AmEx) received the green light from the People’s Bank of China (PBOC), China’s Central Bank, to start bank card clearing services in China, allowing the US firm to process yuan payments in China, via Express Company, a joint venture between American Express and LianLian DigiTech, a Chinese FinTech services company, making it the first of such licenses for any foreign institution in line with China’s long-term opening-up policies and opening the door for AmEx to China’s payment market, estimated to be worth €23.4 trillion.
What was the process like for AmEx to win its clearing license for China? How will AmEx face the tough competition not just from UnionPay cards, but also mobile-payment apps, where Ant Financial’s Alipay and Tencent’s WeChat Pay are big players?
The European Chamber is pleased to invite you to the second event of the series "The Future of Finance", which will take place on Monday 10th August 2020 at 4pm (GMT+8). Participants can join online via Zoom or in person from the Shanghai Chapter of the European Chamber.
Agenda
4:00pm-4:05pm Opening words by Thilo Zimmermann, Vice Chair of the European Chamber's Banking & Securities Working
Group and General Manager of SEB Shanghai
4:05pm-4:30pm Presentation by Fritz Quinn, VP, Public Affairs and Communications, Japan, Asia Pacific and Australia,
American Express
4:30pm-4:55pm Q&A Session
4:55pm-5:00pm Closing words by Thilo Zimmermann, Vice Chair of the European Chamber's Banking & Securities Working
Group and General Manager of SEB Shanghai
Terms and Conditions
- Webinars have limited capacity. To ensure your attendance please register online in advance. We cannot guarantee access to anyone not registered in advance. The link to access the webinar will be sent to those who successfully register online in advance.
- Attendance information provided to registered participants of the webinar is for use by the registered participant only; such registration information should not be forwarded on to third parties. Similarly, the materials and replay of webinars, when made public, are for use by the registered attendee only and should not be forwarded to third parties.
- The webinar attendance is for use by the registered participant only and registration information should not be forwarded on to third parties. Similarly, the materials and replay of webinars, when made public, are for use by the attendee registered only and should not be forwarded on to third parties.
- In the case of fee-based webinars, payment can be made by cash (domestic), credit/debit card or WeChat.
- All European Chamber in-person events and webinars are off the record, unless stated otherwise.
- The European Chamber reserves the right to change the event and webinars programs at any time.
Cancellation Policy
- Cancellations must be received in writing at least one full day in advance of the date of the webinar.
- To cancel you can: 1) email yangzhao@europeanchamber.com.cn, or 2) cancel online if you registered for the event through the website. Should you fail to cancel your participation on time, the European Chamber reserves the right to transfer future event/webinar registrations to other interested participants. In the case of fee-based events, the event fee will be charged to those who fail to cancel their registration on time.
- Advisory Council Policy
- Members of the Advisory Council may receive complimentary admission to Chamber seminars, conferences and factory visits up to two attendees per event. Additional participants will be charged at the member rate.
- Advisory Council members will still be charged the standard member rate for participation in training courses and special events, such as gala balls, government appreciation dinners, or admission to corporate social events/tournaments.
- For further information contact Laura Alvarez Mendivil at lamendivil@europeanchamber.com.cn
