News in your inbox
For Finextra’s free daily newsletter, breaking news and flashes and weekly job board.
Related Companies
Lead Channel
Channels
Keywords
Editorial | what does this mean?
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
PayPal has taken complete ownership of GoPay, making it the first foreign firm to have 100% control of a Chinese payments platform, according to Reuters.
PayPal became the first foreign firm to get an online payments license in China in 2019 after buying a 70% stake in Guofubao Information Technology Co (GoPay).
GoPay holds a payment business license, meaning that PayPal became the first foreign company to enter the Chinese market some two years after Beijing promised to open up.
The US giant has now bought the remaining 30% stake, says Reuters, taking full control of a small player in a massive market dominated by Alipay and WeChat Pay.
Related Companies
Lead Channel
Channels
Keywords
Editorial | what does this mean?
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
News in your inbox
For Finextra’s free daily newsletter, breaking news and flashes and weekly job board.
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.