AmEx to apply for mainland license

US card service provider American Express is preparing to apply for a license to operate in China, a senior executive of the company said.

China had announced in 2015 that it was going to open up the bank card payment clearing market, and details for applying for a license to operate were released in June this year.

"We have been actively preparing for submitting a license application to operate in China for two years, and we are glad to see that detailed regulations and terms have been released this June," said Kenneth Lee, managing director of American Express China.