On December 19, PayPal announced that it has completed the acquisition of a 70% stake in Gopay. After the transaction was completed, PayPal will become the first foreign payment platform approved to provide online payment services in the Chinese market.
"We are very pleased to complete this historic transaction, which will help the company to broaden its level of business participation in the current changing market environment," said PayPal CEO Dan Schulman.
"This important step will allow us to become a stronger partner for Chinese financial institutions and technology platforms. We look forward to contributing to the development of China's e-commerce market and payment ecosystem."
In the afternoon of September 30th, Gopay Weibo stated that on September 30, 2019, the People's Bank of China approved Gopay's application for equity change, and PayPal acquired 70% equity of Gopay, becoming the actual controller of Gopay and entering the Chinese payment service market.
Gopay was licensed by the People's Bank of China for Internet payment and mobile phone payment business in December 2011. It was approved for fund payment business in 2015. It was licensed for cross-border RMB payment business in 2016. It was also licensed for prepaid card issuance and acceptance business in 2016 ( Hainan, Shaanxi, Yunnan, Hunan, and Beijing).
Gopay mainly provides payment products and industry supporting solutions for enterprises in industries such as e-commerce, cross-border commerce and air travel.
PayPal is a Nasdaq-listed company on the US stock market. It is the world's leading third-party payment company, covering more than 200 countries and regions around the world.
Gopay will continue to conduct business in accordance with the requirements of various regulatory policies and regulations under the guidance of regulatory agencies in the future, resolutely implement various regulatory requirements, and conduct payment services legally and compliant.
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