×
27 074
Fashion Jobs
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Washington
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Millbury
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Louisville
MARMAXX
2nd Shift - Loss Prevention Specialist
Permanent · Woburn
TJ MAXX
lp Detective
Permanent · Fort Myers
HOMEGOODS
70118-lp Detective
Permanent · East Hanover
TJ MAXX
lp Detective
Permanent · Jacksonville
BATH & BODY WORKS
District Manager - Bath & Body Works - Central Coast/la Valley
Permanent · Anaheim
PINK
Brand Operations Manager-Clackamas Town
Permanent · Happy Valley
BATH & BODY WORKS
District Manager - Bath & Body Works - Las Vegas, nv
Permanent · Las Vegas
L'OREAL GROUP
Regional Education Manager (Vichy, la Roche-Posay, Cerave)
Permanent · Deming
L'OREAL GROUP
Critical Market Manager (Vichy, la Roche-Posay, Cerave)
Permanent · New York
L'OREAL GROUP
Manager - Business Process Improvement Accounting
Permanent · St. Petersburg
LEVI'S
SEO Coordinator
Permanent · San Francisco
MAC
Director, Global Digital Creative Design
Permanent · New York
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Las Vegas
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Modesto
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Great Bend
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Yuma
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Champaign
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Memphis
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Bangor
By
Reuters API
Published
Jan 14, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

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

By
Reuters API
Published
Jan 14, 2021

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.S. 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.

Financial details weren't disclosed in the data. 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.

PayPal declined to comment.

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, owned by Tencent Holdings Ltd, as China fully opens up its financial sector.

The stake purchase also comes amid Beijing's antimonopoly campaign against Alibaba Group Holding Ltd and other Internet companies.

Last August, PayPal appointed Hannah Qiu as head of China business, responsible for formulating long-term strategy in the world's second-biggest economy. Qiu was a former executive at insurer Ping An Group's fintech unit OneConnect, according to PayPal's website.

PayPal said in its 2019 annual report its initial focus in China is to provide cross-border payment solutions to Chinese merchants and consumers, linking the country's commerce ecosystem to PayPal's global network.

But in that area, PayPal also faces the prospect of competition from Chinese companies.

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.

"We see ourselves as China's PayPal in cross-border businesses," Deng told Reuters.
 

© Thomson Reuters 2021 All rights reserved.