American Express just announced that they have reached an agreement with China UnionPay to explore ways working together. No details are provided.
China UnionPay and American Express today announced that they have signed a memorandum of understanding that calls for both companies to explore the expansion of their current cooperative activities
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For the past several years, China UnionPay and American Express have cooperated within China where American Express Cards run on the China UnionPay network. This new MOU will establish working teams to develop potential new areas of cooperation between the two companies within China and in markets outside of China.
This follows MasterCard’s similar move over the past two years. That leaves Visa as the only major international card network that has not yet have similar agreements with CUP. Should we assume something is in the work, sooner or later?
Read the article:http://about.americanexpress.com/news/pr/2010/unionpay.aspx