![]() The aforementioned Ant Group was ordered by Chinese regulators to restructure into a financial holding company, and Alibaba ( BABA) was ordered to pay a $2.75 billion antitrust fine in April 2021. The reductions will apply beginning 1 September 2022, and extend up to 30 September 2024. According to an announcement by Tencent, the charge will be levied on withdrawals of more than 1,000 yuan (153), with the minimum fee per transfer set at 0.1 yuan. Seamlessly tied to the Super App WeChat, WeChat Pay. Tencent to decrease fees on WeChat payments for SMEs. Tencent ( OTCPK:TCEHY) shares fell nearly 8% to $48.58 on Thursday.Įarlier this week, it was reported that Tencent ( OTCPK:TCEHY) could face a record fine for potential money laundering via its WeChat Pay mobile network.Ĭhina has cracked down on companies in the past year, especially tech firms. During the Guangdong-Hong Kong-Macau Bay Area Youth Camp Tencent Day, Pony Ma, the Founder as well as Chairman and CEO of Tencent, said that next year. WeChat Pay is Chinas second-largest digital wallet broadly used for payments of all kinds in China. ![]() In 2019 it was reported that Chinese users can use WeChat Pay in 25 countries outside of China, including, Italy, South Africa and the UK. Tencent launched WeChat back in 2014 but later faded into silence because it didnt pick up momentum among the audience and this is why were curious to know. Transactions are carried out with the Hong Kong dollar. The disruption and innovation brought about by Alibaba and Tencent were actively. WeChat is used by more than 1 billion people around the world and WeChat Pay handles "billions of dollars" on a daily basis, Bloomberg explained. In the same year, Tencent introduced 'WeChat Pay HK', a payment service for users in Hong Kong. two most widely used mobile payment services, Alipay and WeChat Pay. The move would put all of Tencent's financial operations, including banking, securities, insurance and credit-scoring services into the holding company so it can be regulated like a bank, the news outlet added, citing people familiar with the matter.īy putting WeChat Pay into the holding company, Tencent ( OTCPK:TCEHY) would likely operate it separately from the rest of WeChat and could add uncertainty as it is one of the main features of the app and potentially reduce convenience. Michael Vi/iStock Editorial via Getty ImagesĬhinese internet giant Tencent Holdings ( OTCPK:TCEHY) could be forced to overhaul its operations and put WeChat Pay into a financial holding company, similar to what happened with Ant Group, after pressure from Chinese regulators, according to Bloomberg. Alibaba also said it is waiting on Tencent's approval to bring WeChat Pay to its used goods market place Idle Fish, grocery store app Hema and discount shopping service Taobao Deals.
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