PayPal has announced the appointment of Zhang Hong as the new Chief Executive Officer for its China region.

This appointment also sees Zhang Hong take on the roles of Chairman and General Manager of PayPal's licensed entity in China, Beibao Payment (Beijing) Co., Ltd.

He will be responsible for the comprehensive oversight of the company's overall strategic planning, business innovation, expansion, and daily operational management in the Chinese market, leading the team to drive PayPal's long-term development there.

This personnel appointment has received official approval from the People's Bank of China.

Zhang Hong joined PayPal in 2023, serving as the company's Global Vice President, responsible for the implementation of several key global projects in China.

Prior to joining PayPal, he held the position of Senior Managing Director and Chief Representative of the New York Representative Office at China Investment Corporation.

This management change does not alter PayPal's long-term investment strategy in China.

The company's merchant services, partner relationships, and daily operations will continue to advance in a comprehensive and orderly manner.

PayPal's global management stated that China remains a crucial market within its global strategic framework.

As the first foreign payment platform authorized to provide online payment services in the Chinese market and the first foreign payment enterprise to have a wholly-owned subsidiary in China, PayPal consistently maintains a positive outlook on the development prospects of the Chinese market.

Benefiting from the sustained growth of China's cross-border trade, PayPal's business in China has maintained a favorable growth trajectory, achieving steady increases for several consecutive years.

The new management team in China will lead efforts to focus on cutting-edge areas such as cross-border payments, payment solutions for small and medium-sized enterprises expanding overseas, the interconnection of digital wallets, and the application of artificial intelligence.

This aims to empower a wide range of Chinese enterprises to expand into global markets and benefit from the digital economy.

Zhang Hong expressed his honor in taking on the role of CEO for PayPal China.

He stated that PayPal's commitment to serving Chinese companies going global remains unchanged.

Leveraging PayPal's global network advantages and seizing opportunities presented by the vigorous development of China's digital economy, the focus will be on the core business of cross-border payments.

The team will continue to develop payment products and services tailored to the local market with core competitiveness, balancing innovation with compliance to provide Chinese merchants with safe, efficient, and convenient cross-border payment solutions, thereby supporting Chinese enterprises in achieving sustainable global development.

He looks forward to collaborating with the team to explore more business opportunities, continuously strengthen PayPal's core advantages in China's cross-border payment market, and drive PayPal's business in China to new heights with improved performance.