PayPal to launch local wallet in China focused on cross-border payments

CNBC with this report on the US-owned firm operating in China's fintech space.

• In January, the U.S. fintech company became the first foreign firm with 100% ownership of a payments platform in China
• the company is looking to launch a domestic wallet. But instead of it competing with the dominant players Alipay and WeChat Pay for domestic payments, PayPal will focus on cross-border payments.

Here is the link for more info. An interesting piece pointing to China's financial services opening up further.