The announcement was made by?Dan Schulman, PayPal President and CEO
The People’s Bank of China has approved PayPal’s acquisition of a 70% equity interest in Guofubao Information Technology Co. (GoPay), Ltd., a holder of a payment business license in China.
With this announcement, PayPal?to become the first foreign payment platform to be licensed to provide online payment services in China.
The transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions.
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