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.