American Express, one of the world’s largest payment and travel companies, is in talks with one of its Chinese partners to introduce a corporate card product into the Chinese market, a move that could make it the first foreign firm to debut the business in China.
“We are currently working with our Chinese partner, the Industrial and Commercial Bank of China (ICBC), to develop a robust corporate card product,” said Pierric Beckert, senior vice-president and general manger of the company’s global corporate services in Japan, Asia Pacific and Australia.
The card will be developed to meet the rising demand for business travel from companies operating in the country, and it will be quite different from the current corporate cards issued by Chinese banks that are mainly consumer cards with corporate labels.
DOWNLOAD OUR TRAVEL GUIDES
Teaming up with ICBC, China’s largest commercial lender, American Express launched its consumer card last December -its first card issuance in the Chinese market.