PayPal Holdings Inc. completed its acquisition of a 70% equity interest in China-based Guofubao Information Technology Co. Ltd., or GoPay.

With the acquisition, PayPal said it became the first foreign payments platform licensed to provide online payment services in China. The People's Bank of China approved the deal on Sept. 30.

Chinese regulators earlier in 2019 announced plans to allow more foreign investments in its financial sector by eliminating foreign ownership restrictions on securities, insurance and fund management firms in 2020.