PayPal officially entered China: Completes 70% stake in Guofubao

On December 19th PayPal (NASDAQ: PYPL) announced that payPal had completed its 70 per cent acquisition of Gopay Information Technology Co., Ltd. after the approval of Chinese Bank of China on September 30. After the deal was completed, PayPal became the first foreign payment platform to be allowed to offer online payment services in the Chinese market.

“We are excited to complete this historic transaction, which will help the company broaden its business engagement in today’s volatile market environment.” “This is an important step that will allow us to be a stronger partner for Chinese financial institutions and technology platforms,” said Dan Shulman, PayPal’s chief executive. We look forward to contributing to the development of China’s e-commerce market and payment ecosystem. ”

On September 30, Guofubao announced that Chinese the Bank of China approved the application for a change in Guofubao’s equity, PayPal, through its Bank of America Information Technology (Shanghai) Co., Ltd., acquired a 70% stake in Guofubao, becoming the actual controller of Guofubao and entering the Chinese payment services market.

A person familiar with the matter told 21st Century Economic Stoin that PayPal had given up a stake in HNA.

PayPal officially entered China: Completes 70% stake in Guofubao

PayPal officially entered China: Completes 70% stake in Guofubao

(Source: Central Bank website)

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