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.
The credit card company saw a 19% growth in billings during the third quarter in Asia, Ken Chenault, Amex chairman and chief executive, said during a Dec. 8 presentation at a Goldman Sachs conference. Amex is "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, he said.
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 October agreement allows consumers to access websites outside of China to use their Amex cards to make purchases (
