China UnionPay signs MOU with American Express

Chinese largest card network China UnionPay has signed a memorandum of understanding with American Express that stipulates the two companies will be exploring the expansion of their current cooperative activities.

Over the past several years China UnionPay and American Express have cooperated within China where American Express Cards run on the China UnionPay network. Under the new MOU the working teams of both entities will develop potential new areas of cooperation between them within China and in markets outside of China.

China UnionPay, established in 2002, is the bankcard association in China. As the pivotal role of China’s bankcard industry, China UnionPay is responsible for operating the unified inter-bank clearing and settlement system in China and developing the international acceptance network for UnionPay cards. To date, the total number of UnionPay cards issued worldwide has exceeded 2.3 billion. China UnionPay has also established partnership with around 400 financial institutions all over the world. As of now, UnionPay cards international acceptance network has been extended to 92 countries and regions. Over 10 of them have issued UnionPay cards.