Investing.com investing.com 14 Jan, 2021 06:15 am

PayPal becomes first foreign firm in China with full ownership of payments business By Reuters

PayPal becomes first foreign firm in China with full ownership of payments business By Reuters
PayPal becomes first foreign firm in China with full ownership of payments business

Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website.FILE PHOTO: Illustration photo of the PayPal app on a phone SHANGHAI (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 U.Bill Deng, Chief Executive and co-founder of XTransfer, a Shanghai-based payment platform start-up that facilitates cross-border money transfers for Chinese merchants, was not shy about his ambitions to emulate PayPal.

The stake purchase came a year after PayPal bought a 70% stake in GoPay for an undisclosed amount,then becoming the first foreign company licensed to provide online payment services in China.The stake purchase also comes amid Beijing's antimonopoly campaign against Alibaba (NYSE: BABA ) Group Holding Ltd and other Internet companies.

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