In a sign that PayPal is expected to try and consolidate its reach into China since acquiring a majority stake in locally-based Gopay in December and reaching a deal with UnionPay in January, the third-party payment giant announced on Aug. 17 the appointment of Chinese fintech executive Hannah Qiu to the position of senior vice president and chief of the China region, reported Caixin.
The appointment marks the first time PayPal has named a chief for the China region.
Qiu previously worked for General Electric, Temasek, and McKinsey and most recently was the co-general manager of Ping An OneConnect, departing the company in July 2020, just before the fintech firm set out to raise capital in a new share sale.
Qiu will be fully responsible for formulating PayPal’s long-term growth strategy in China and will report to PayPal’s chief of strategy Jonathan Auerbach who said the move showed PayPal’s “commitment to long-term development in China and becoming a highly trusted partner of financial institutions and technology companies in this core market.”
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