Richard Nash, vice President and global head of government relations at international payment giant PayPal, revealed at the boao Asia BBS annual conference 2019 on March 26 that PayPal has formed a partnership with China unionpay and Alibaba.
About 21% of PayPal’s global transactions are cross-border transactions, and China is the largest market within the PayPal system in cross-border transactions.
Therefore, China has become the primary target of PayPal,PayPal had been seeking a Chinese payment license.
Richard Nash says the development of fintech in China is exciting and PayPal now has valuable partnerships with Chinese companies.
The people’s bank of China has a very clear attitude towards opening up the financial service industry, and PayPal is very supportive of China’s development in this direction, and hopes to join the opening process.