The announcement was made by Dan Schulman, PayPal President and CEO
The People’s Bank of China has approved PayPal’s acquisition of a 70% equity interest in Guofubao Information Technology Co. (GoPay), Ltd., a holder of a payment business license in China.
With this announcement, PayPal to become the first foreign payment platform to be licensed to provide online payment services in China.
We look forward to partnering with China's financial institutions and technology platforms, providing a more comprehensive set of payment solutions to businesses and consumers, both in China and globally
The transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions.