PayPal today announced that People’s Bank of China has approved Paypal acquisition of a 70% equity interest in Guofubao Information Technology Co. This means that Paypal will become available in China for online payment services.

PayPal says the transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions.

PayPal is the first foreign payment platform to be licensed to provide online payment services in China.