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PayPal completes acquistion of China's GoPay

PayPal Holdings Inc. said the People’s Bank of China approved its acquisition of Guofubao Information Technology Co. (GoPay) making it the first foreign payments platform licensed to operate in China. 

PayPal agreed to buy a 70% stake in GoPay in September. 

"We are pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market,” Dan Schulman, president and CEO of PayPal said, in a company release. "This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms."

Cover image: PayPal