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

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 US 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. The stake purchase came a year after PayPal bought a 70% stake in GoPay for an undisclosed amount.