In the News: PayPal Enters China; IP Theft Tops Risk Survey; and Arbitration Arrangement Takes Effect

October 07, 2019 | BY

Vincent Chow

PayPal acquires controlling stake in Chinese payments company; Trade war, IP theft biggest worries for companies in China, survey finds; and Hong Kong-mainland arbitration interim measures arrangement takes effect

PayPal Office Sign

China approves first foreign digital payments company to enter market

PayPal will be the first foreign company to enter China's digital payment market after acquiring a majority stake in domestic payments firm Gopay. The People's Bank of China (PBOC), China's central bank, approved Gopay's sale of a 70% stake to PayPal which gives the popular U.S. digital money transfer platform access to various domestic payments licences. PayPal is the first foreign company to enter China's digital payment services market on the back of the PBOC opening up the market to foreign companies in March 2018, with the requirement that they have a payment business permit. 

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