Whitman "very committed to Paypal in China"

Meg Whitman has remained tight-lipped about the future of Paypal in China after Tuesday's revelations about the future of the auction platform. Refusing to comment on the rumoured tie-up with UMPay, an online payments vehicle owned by China Mobile and bank card provider China Unionpay, Whitman did acknowledge that coming legislation may make partnership unavoidable:

"We will see what the right thing to do is here in the People's Republic of China, I am aware of some of the pending government regulation around the need to find a local partner for a financial-services product," Whitman said.

"But we continue to invest in PayPal and the cross-border trade is very strong and the local trade is very strong, so we will see what happens over the next weeks and months, but we are very committed to PayPal in China."