Home  Contact Us
  Follow Us On:
 
Search:
Advertising Advertising Free Newsletter Free E-Newsletter
NEWS

PayPal to enter China market through local acquisition
Published on: 2019-10-11
Share to
User Rating: / 0
PoorBest 

030U.S. digital money transfer platform PayPal Holdings Inc has obtained Beijing’s approval to buy a controlling stake in a domestic payments firm, which would make PayPal the first foreign firm to enter China’s payment services market.
 

Gopay Information Technology, PayPal’s acquisition target, has received approval from China’s central bank to sell a 70% stake to PayPal, both companies said on Monday.

031Gopay has licenses for mobile, online and cross-border yuan payment services, the Chinese company said in its statement.
 

PayPal will make the acquisition through a subsidiary in Shanghai. No financial terms were disclosed.

034The transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions, PayPal said.
 

Early last year, China’s central bank announced that it was opening the country’s domestic market to foreign third-party electronic payment firms, a move intended to promote competition in the retail payments industry.

Comments (0)Add Comment

Write comment

security code
Write the displayed characters


busy
    Subscription    |     Advertising    |     Contact Us    |
Address: Magnetic Plaza, Building A4, 6th Floor, Binshui Xi Dao.
Nankai District. 300381 TIANJIN. PR CHINA
Tel: +86 22 23917700
E-mail: webmaster@businesstianjin.com
Copyright 2020 BusinessTianjin.com. All rights reserved.