American Express Co. has seen strong growth in Asia and is continuing to find partners for its global network services unit, which processes credit card transactions for banks, chairman and chief executive Ken Chenault said on Wednesday.
The credit card company saw a 19% growth in billings during the third quarter in Asia, Chenault said during a presentation at a Goldman Sachs conference. He said American Express was "doing a lot" in China with global network services partnerships and that the company had secured "very good deals" with ICBC, China Merchants Bank and the Bank of China.
Chenault touted a recent global network services deal with online payment provider Tenpay, a subsidiary of China-based Tencent Holdings Ltd., as a "very attractive market opportunity." The agreement allows people to access websites outside of China to use their American Express cards to make purchases.