Wirecard, the Germany-based digital payments platform, announced an agreement to buy a majority stake in Bejing-based Allscore Payments Services for up to 72.4 million euros ($80.3 million), a move that will allow it to expand its payments platform through cross-border licenses. 

Allscore, founded in 2007, is led by founder and CEO Yao Lin and Shanghai Aiwu Investment Management Co. The company owns a license portfolio that will now allow Wirecard to offer Chinese merchants that operate on the international market access to local acquiring services and settlement of transactions in local currencies. 

"We are excited to share the news of Wirecard entering China," Markus Braun, CEO of Wirecard, said in a company release. "The Chinese market represents a tremendous opportunity for Wirecard."

He added that the licenses were a perfect match for the company's global platform strategy.

"We welcome Wirecard to China and are proud that they have selected us to enter the market, joining in the efforts of the Chinese government to open the financial sector and improve the regulatory environment for market access to foreign investors."

Wirecard's international merchants will also gain access to Chinese consumers and be able to accept widely used digital wallets and receive settlements in their local currencies. Wirecard will also be able to issue payment cards to consumers and companies in China.