×
188
Fashion Jobs
PHV
Director, Internal Communications, Pvh Asia Pacific
Permanent · Hong Kong
PHV
Human Resources Officer, Pvh Asia Pacific
Permanent · Hong Kong
PHV
Buyer, Calvin Klein, Seath
Permanent · Hong Kong
PUMA
Manager Fabric Development Apparel
Permanent · Hong Kong
SHISEIDO
Manager - Sales And Operations, Clé de Peau Beauté
Permanent · Hong Kong
SHISEIDO
Senior Manager - Sales And Operations, Shiseido And Drunk Elephant
Permanent · Hong Kong
SHISEIDO
Contract Accounting Officer, Finance & Accounts
Permanent · Hong Kong
PHV
Garment Technician, Sweaters
Permanent · Hong Kong
PHV
Senior Analyst ii, Business Process, Asia Pacific
Permanent · HONG KONG
PHV
Senior Manager, Strategic Brand Planning & Integration, Tommy Hilfiger Asia Pacific
Permanent · Hong Kong
PHV
Manager i, Merchandising (Accessories)
Permanent · Hong Kong
PHV
Vice President, Shopper Experience, Calvin Klein Asia Pacific
Permanent · Hong Kong
PHV
Marketing Executive, th Hkmo
Permanent · Hong Kong
PHV
Brand Manager, Calvin Klein Asia Pacific
Permanent · Hong Kong
PHV
CRM Executive
Permanent · Hung Hom
PHV
Marketing Executive, Brand Marketing, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
PHV
Vice President, Brand & Shopper Experience, Tommy Hilfiger Asia Pacific
Permanent · Hong Kong
PHV
Visual Merchandising Manager, Hong Kong & Macau
Permanent · Hong Kong
PHV
Manager, Merchandising, Tommy Hilfiger, Asia Pacific
Permanent · Hong Kong
PVH
Senior Legal Counsel, Asia Pacific
Permanent · Hong Kong
L'OREAL GROUP
CRM Manager
Permanent · HONG KONG
COACH
Specialist, Human Resources
Permanent · HONG KONG
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 2023 All rights reserved.