SINGAPORE, 1 August 2018: American Express Meetings & Events says it is tackling the risks associated with organising meetings in China through a solution that maximises controls during the end-to-end meeting process.
According to American Express, corporations and event organisers shy away from hosting events in China “due to the risks of bribery, fraudulent activities and receipts and third-party money funnelling.”
Major fines and other penalties accrued by multinational organisations conducting meetings and events in China attracted negative headlines in recent years. It resulted in some companies becoming reluctant to conduct any meetings in the country.
The American Express Meetings & Events’ enhanced solution for meetings in China provides support for both in-market clients, as well as other global clients who want to conduct inbound meetings in China.
It delivers “peace of mind to conduct high-value meetings activities, while reducing exposure to risk,” the Amex statement reads.
American Express Meetings & Events senior vice president and general manager, Issa Jouaneh said: “China is one of the fastest growing economies in the world, and for most organisations, conducting business there has become a necessity. Our enhanced meetings solution for China gives multinational companies the confidence to conduct a meetings activity in a compliant manner.”
The technology solution supports a 360-degree compliance process and captures comprehensive documentation such as invoices and receipts, as well as supporting paperwork on client requests, approvals, and supplier engagements. It enable cross-departmental communications to identify and address any perceived risks and as soon as possible.
Supported by strict policies throughout the engagement it includes rules that limit high-risk activities such as cash payments or excessively luxurious activities.
American Express Meetings & Events is a division of American Express Global Business Travel.
Having a presence in 50 countries, it focuses on meetings and events sourcing, planning, contract negotiations, budgeting, expense management, reporting and benchmarking, combined with strategic counsel and integration of leading technology.