US fintech giant PayPal plans to set up a local wallet in China, focusing on cross-border payments instead of competing with dominant domestic players, said the firm’s China CEO Hannah Qiu. Qiu told a panel session at the Boao Forum for Asia that PayPal's overseas market has a large network with more than 20 million enterprises and over 377 million individual users. She added that the company's main business at the moment is to help small and medium-sized Chinese firms sell goods overseas more efficiently and conveniently, and then help those sellers get the money back. Also on rt.com
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