PayPal Payments (Beijing) Co. Ltd., a wholly owned subsidiary of U.S. fintech giant PayPal Holdings Inc., has won approval from the Chinese central bank to almost double its registered capital to 4.52 billion yuan ($666 million), which will be the largest capital base of any nonbank payment provider in China.
Alipay, affiliated with e-commerce major Alibaba Group Holding Ltd., has 1.5 billion yuan in registered capital, while Tencent Holdings Ltd.’s Tenpay, which is embedded in its ubiquitous messaging app WeChat, has 1 billion yuan.
