PayPal becomes first foreign firm in China with full ownership of payments business

Thursday, 14 Jan, 11.57 am

Source: Reuters

PayPal Holding Inc has become the first foreign operator with 100 percent control of a payment platform in China, according to Chinese government data, as the US fintech giant eyes a bigger foothold in a booming market for online payments.

PayPal acquired the 30 percent stake it doesn't already own in China's GoPay, formally known as Guofubao Information Technology Co., on Dec. 31, 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.