PayPal has confirmed the acquisition of a 70% equity interest in Guofubao Information Technology (GoPay).

The deal, which means PayPal is the first foreign payments platform licensed to provide online payment services in China, comes after the approval of the transaction by the People’s Bank of China.

“We’re pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market,” said Dan Schulman, president and CEO, PayPal. “This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China’s e-commerce and payments ecosystem.”

It continues a positive period of acquisitions for the platform, with it also recently agreeing a deal in principal to acquire reward technology platform Honey Science Corporation for approximately $4 billion.

The acquisition is expected to ‘transform’ PayPal’s customer experience as well as increase sales and customer engagement for its merchants.

“Honey is amongst the most transformative acquisitions in PayPal’s history. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding,” noted Schulman when the deal was announced.