“Our record performance in the second quarter — our strongest quarter ever — reaffirms the relevance of PayPal in the unfolding digital future."
The Chinese electronic payments company has applied for a digital banking license in Singapore as it continues its shift toward overseas markets.
The payments company was reportedly concerned Facebook had not done enough to address the regulatory backlash against the Libra plan.
The company will become the first foreign platform to offer digital payment services in China by acquiring 70% of a domestic provider.
The merger is the latest in a series of deals involving large financial technology firms.
"We are adding an enterprise software business operating in two new vertical markets that are highly fragmented."
The company is benefiting from healthy consumer spending but faces increased costs as it spends on digital payment initiatives.
