(Yicai Global) Aug. 17 -- US payment company PayPal Holdings has appointed Hannah Qiu as senior vice president and chief executive officer of PayPal China, it announced on its official WeChat account today.

This newly-created position will be solely responsible for forming PayPal's long-term development strategy in China and the implementation of its comprehensive plan. Qiu will report directly to Jonathan Auerbach, executive vice president and chief Strategy, Growth and Data Officer for the San Jose,California-based worldwide online payment system operator.

Qiu resigned from Ping An Group’s fintech unit OneConnect Financial Technology as co-general manager and chief innovation officer in June. She was also the chairperson and chief executive officer of Qianhai Credit Center, another wholly-owned Ping An unit. Qiu has also worked in top multinational institutions of the ilk of General Electric, Temasek Holdings, McKinsey & Company and Standard Chartered Bank in important positions, including director of change, chief technology officer and chief data officer.

The appointment of PayPal's core manager in China further demonstrates the company’s long-term commitment to aid the country’s sustainable development of its e-commerce, it said.

PayPal completed the acquisition of a 70 percent stake in Guofubao Information Technology in December and thereby became the first foreign company approved to provide online payment services in China.

Editor: Ben Armour