• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Fintech

PayPal’s GoPay Acquisition Makes It First Foreign Company To Totally Own A Chinese Business

Emeka Eni by Emeka Eni
January 16, 2021
in Fintech
Share on FacebookShare on Twitter

PayPal the U.S. FinTech giant, is recorded the first international company to own 100% of a Chinese company in China.

According to PayPal’s annual report, they intend to venture deeper into the world’s leading online business-oriented marketplace.

According to the National Enterprise Credit Information Publicity System, NECIPS, shareholder data. – On the 31st of December 2020, the U.S. FinTech giant secured more value to its net worth with the 30% stake they acquired from the Asian payment platform dubbed GoPay, which was previously named Goufubao Information Technology Co.

Although, they did not reveal the financial information about the dealings according to the NECIPS data. The acquisition was made possible a year later after PayPal purchased above 70% of GoPay’s shares.

Simultaneously, both parties were discreet about the transpired dealings and complete information on how the U.S. FinTech giant became the first prominent foreign company licensed by the Chinese government to conduct business autonomously in China has been kept close the chest.

However, PayPal declined to comment about its recent development. Still, they are more concerned about impacting the Asian economy with their payment platform.

GoPay is an emerging payment platform in the Chinese e-commerce market. The acquisition by the U.S. FinTech giant – possessing absolute control over the small-time FinTech company gives PayPal the verge to dominate the world’s leading fintech sector.

The U.S. FinTech giant is expected to compete with the co-existing FinTech giants such as Tencent Holding Ltd owned WeChat Pay and Alibaba’s Alipay, whose ownership is tied with Ant Group.

The Chinese economy gradually expands as its financial sector takes the lead, whereas the Chinese government instigated the development of Beijing’s antimonopoly campaign”.

Before PayPal’s recent acquisition, the Chinese government has been probing its renowned Alibaba Group Holding Ltd, amongst other top Chinese tech companies.

During the previous summer, Hannah Qiu was assigned by PayPal to run its business affairs in China. Her position is responsible for devising long-term business strategies. Her actions determine PayPal’s developmental growth in the world’s second-largest economy.

According to the U.S. FinTech giant, Hannah Qui was the previous senior executive of an insurance company, Ping An Group – she served as a representative of the insurance company unit, OneConnect.

In its 2019 annual report, PayPal stated that they look forward to venturing into the world’s second-largest marketplace to expand its business operations. It enables them to provide cross-border payment solutions to the consumers and merchants involved in China’s socio-economic activities.

The GoPay acquisition placed the largest U.S. online payment company on the verge of connecting the Chinese commerce or e-commerce ecosystem to a universal network.

The payment giant is expected to start competing with other Chinese companies directly from inside China and this may have a long-term effect on the Fintech sector in China. What is yet to be seen is if they would be onboarding some of their policies in China. In China many things are still largely controlled by the government which may make it difficult for PayPal to implement some of its western polices in China.

The Chief Executive and co-founder of the Shanghai-based startup Fintech company XTransfer, Bill Deng – has already initiated a PayPal dream in his home country. XTransfer payment platform issues cross-border cash transactions for potential users in the Chinese marketplace.

“We see ourselves as China’s PayPal in cross-border business,” Deng acknowledged the U.S. FinTech giant as a big company but adds there is room for both of them to operate in the Chinese market.

Related Posts:

  • Umba Acquires Kenya’s Daraja MFB Owning 70% Shares Per the CBK Approval.
    Umba Acquires Kenya’s Daraja MFB Owning 70% Shares…
  • Tabby-an-Egyptian-BNPL-startup-raises-58m-for-product-expansion
    Tabby’s Business Capital Increases After Securing A…
  • filta
    PayPal Shares Soar After The Company Beat Second…
  • With So Many E-Wallet Options, Which One Is Best For You?
    With So Many E-Wallet Options, Which One Is Best For You?
  • PayPal Reports Impressive Third-quarter Earnings Alongside Weak Fourth-quarter Guidance
    PayPal Reports Impressive Third-quarter Earnings…
  • 51025-100802-paypal-passkey-iphone-xl
    PayPal Is Adding More Secure Passkey Logins
  • The Orange Group Partners with the IFC to Bolster Its FinTech Inclusion in West Africa.
    The Orange Group Partners with the IFC to Bolster…
  • Safaricom’s M-PESA Debuts Virtual Debit Card Powered by Visa e-Payment Systems.
    Safaricom’s M-PESA Debuts Virtual Debit Card Powered…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: acquisitionchinafintechpaypal
Emeka Eni

Emeka Eni

I am a tech enthusiast, creating contents, graphic designer and am Africa.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 2 May 10, 2025
    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1 May 9, 2025
    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 2

    May 10, 2025
    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    May 9, 2025
    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok