Based on People's Bank of China Order No.7 issued in 2018, if a foreign institution intends to provide electronic payment services for domestic transactions and cross-border transactions of entities within the territory of the People's Republic of China, it should establish a foreign-invested enterprise within the territory of the People's Republic of China, and obtain a payment license in accordance with  Measures for the Administration of Payment Services of Non-Financial Institution. The Order clarifies that foreign-invested and domestic payment institutions must abide by the same regulations and be subject to equal treatment in market access. Prior to 2018, third party payment services providers (i.e., non-financial institutions) had to obtain a Payment Clearance Operator License from the People's Bank of China for processing payments which was limited only to local entities. Note that in 2019, Paypal acquired 70% equity of Guofubao (GoPay), a local e-payment provider, and the remainder equity in 2021 to become a wholly foreign-owned third party payment services provider.