Paypal is looking to launch a local wallet in China focusing on cross-border payments, instead of competing with dominant domestic players, Hannah Qiu, China CEO for PayPal, said in a panel session at the Boao Forum for Asia on Tuesday.

PayPal's overseas market has a large network with more than 20 million enterprises and over 377 million individual users, Qiu said during the forum's annual conference held in south China's Hainan Province. 

The company's main business at the moment is to help small and medium-sized Chinese firms sell goods overseas more efficiently and conveniently, and then help these sellers get the money back.

Alipay and WeChat Pay account for a combined 94 percent of China's domestic mobile payment market, according to data provider Statista. 

Qiu said PayPal will not compete with these two companies, but will cooperate with them instead.

In January, the U.S. fintech company finished its acquisition of China's payment gateway GoPay with 100 percent ownership, becoming the first foreign company licensed to provide online payment services in China.