In a recent news release, China has approved AmEx, a joint venture by LianLian, to process card payments in the country thereby giving indirect access to Ripple to control its giant e-commerce market. Also, AmEx becomes the first foreign card payment company to avail a privilege not to be regulated under the existing state-monopoly consortium, UnionPay.

Since the beginning, all foreign card companies have been instructed to work under the existing state-monopoly consortium, UnionPay. But as per the report, Ripple-partnered AmEx is the first company to be excluded from working under UnionPay thereby leading to the direct interference of the U.S. Payment company with the Chinese commercial market.

Interestingly, the joint venture has been planned to resolve payments using Yuan in the nation. As both AmEx and LianLian are Ripple customers, the report has shown that Ripple has become the first of its kind to be adopted in the Chineses Finance sector. Presently, LianLian provides faster payments using Ripple Blockchain Technology and this has been possible after its collaboration with RippleNet, earlier this year. Similarly, the payment farm also uses xCurrent of Ripple to provide feasible and instant cross-border transactions.

Ultimately, the approval has led to the acceptance of Ripple considering the current troubled scenario for other cryptocurrencies from getting the attention. Overall, the current approval means that, as of now, RippleNet will be foremost on China’s cross-border payments and settlements.