SAN JOSE, Calif., Dec. 19, 2019– PayPal Holdings, Inc. (NASDAQ: PYPL) announced that it has completed its acquisition of a 70% equity interest in Guofubao Information Technology Co., Ltd. (GoPay), following approval of the transaction by the People’s Bank of China on September 30.
With the close of the deal, PayPal is the first foreign payment platform licensed to provide online payment services in China.
“We’re pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market,” said Dan Schulman, president, and CEO, PayPal.
“This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China’s e-commerce and payments ecosystem.”
PayPal empowering 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy.