Payoneer acquires EasyLink Payment, enhancing its capabilities in the Chinese online payment market and positioning itself for further growth in cross-border services.
Target Information
Payoneer Global Inc. (referred to as “Payoneer”), a publicly traded company on Nasdaq under the ticker symbol PAYO, recently announced its acquisition of China-based licensed payment firm, EasyLink Payment Co., Ltd. (referred to as “EasyLink”). This acquisition positions Payoneer as the third foreign payment platform authorized to offer online payment services in the Chinese market. The deal aims to enhance Payoneer's business landscape by providing localized products and services, thereby strengthening support for Chinese enterprises striving for high-quality international expansion.
Founded in 2005 and headquartered in New York, Payoneer is a global fintech company that helps small and medium-sized enterprises conduct transactions, grow their businesses, and engage in cross-border operations worldwide. EasyLink, established in 2005, received its Payment Business License from the People's Bank of China in 2011 and was among the first payment institutions to be approved for cross-border RMB payment services in China.
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Industry Overview in China
The payment industry in China has witnessed significant transformation and growth in recent years, fueled by the rapid digitization of the economy and increasing consumer demand for online service
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