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UPDATE 1-Zhao Changlong replaces Hui Ka Yan as chairman of key China Evergrande unit
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Hearing on China s Nuclear Forces
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Solar Panel Giant Looks to Hydrogen to Solve Sector s Daily Feast-Famine Cycle
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PayPal gains full ownership in China
US fintech giant eyes bigger foothold in booming market for online payments
Reuters
January 15, 2021 PHOTO: REUTERS
PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the US fintech giant eyes a bigger foothold in a booming market for online payments.
PayPal acquired the 30% stake it doesn’t already own in China’s GoPay, formally known as Guofubao Information Technology Co, on December 31, 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.
Financial details weren’t disclosed in the data.
PayPal becomes first foreign company in China with full ownership of payments business
In taking full control of one of the smaller players in the world s largest payment market, PayPal will compete with domestic payments giants Alipay, owned by Alibaba-affiliated Ant Group, and WeChat Pay
Reuters | January 14, 2021 | Updated 12:42 IST
PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the US fintech giant eyes a bigger foothold in a booming market for online payments. PayPal acquired the 30% stake it doesn t already own in China s GoPay, formally known as Guofubao Information Technology Co., on Dec. 31, 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.