investment banks without IPO deals from the mainland. China’s response may have amounted to taking its own ball home from the game, leaving U.S. (This is similar to how ByteDance handles its viral. First released in 2011, it became the world's largest standalone mobile app in 2018 2 3 with over 1 billion monthly active users. 'micro-message') a are a Chinese instant messaging, social media, and mobile payment app developed by Tencent. Some of the pressure on Chinese companies came from the Trump administration’s haphazard trade war against China, which included efforts to force the mainland’s companies to delist from U.S. Tencent technically operates two different versions of WeChat: the China-based Weixin () and its international counterpart, WeChat. WeChat and Weixin ( Chinese: pinyin: Wixn ( listen) lit. Indeed, the public reason Alibaba’s financial arm Ant Group saw its Hong Kong and Shanghai IPO plans squashed at the eleventh hour in 2020 was due to concerns over regulating the company as a financial firm, rather than a technology one – the suspension came just after China drafted new rules for microlending online. Prosecutors in Beijing are suing Chinese tech giant Tencent, claiming the youth mode on its WeChat app is against laws protecting minors, Reuters reported. The mainland began implementing regulations over the past two years, sometimes overdue, on new technology areas which had been allowed to engage in a «Wild East» strategy. mobile Internet market with its popular WeChat product, a messaging app that lets users send messages. Tencent's shares are still down around 16 percent so far this year, and off more than 40 percent over the past 12 months. Chinese Internet giant Tencent is eyeing the U.S. That comes barely a day after Chinese equities had rallied after government bodies had vowed to provide market support, including progress on issues related to listing on U.S. The news of the potential ring-fencing of WeChat Pay may be a factor in the drop Friday in Tencent’s share price, which was off around 1.7 percent at 2:00 p.m. Owned by Tencent, one of China's biggest companies, the chat-meets-payment app has more than 1 billion monthly users in China and now serves users outside the country, too, although it does. Launched by Tencent in 2011, WeChat now has more than 1.1 billion users, second only to WhatsApp and Facebook, but the company keeps users behind China's complex system of blocks, filters and. That news had decked Tencent’s shares, which had already been hurt by China’s tech sector crackdown The news follows a report earlier this week from the Wall Street Journal, citing sources, that Tencent may face a potentially record fine for alleged money-laundering violations by the WeChat Pay network. The report said WeChat Pay is an integral feature of the WeChat superapp, and making it less convenient to use could reduce its appeal. Tencent, like Ant Group, had been told last year to put its banking, insurance and other financial services into a financial holding company to be regulated like a bank, the report said.īut regulators are now considering requiring WeChat Pay be included in the financial holding company, operating separately from the main social media arm, Bloomberg reported, citing the sources. "Our cooperation is conducive to the more open and international development of China's payment and bank card clearing services," said Chen Qiru, vice president of Tencent Financial Technology.Īmerican Express will also carry out cooperation with the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, China UnionPay and Alipay.China’s regulators may tell Tencent Holdings to house its WeChat Pay in a financial holding company, with potentially new licensing requirements, Bloomberg reported Friday, citing people familiar with the matter. This means that Tencent Financial Technology has reached a cooperation agreement with Express (Hangzhou) Technology Services Company Limited. Squeri, chairman and chief executive officer of American Express. This approval represents an important step forward in our long-term growth strategy," said Stephen J. Owned by parent company Tencent Holdings, the WeChat app. "We are pleased to be the first foreign company to receive this license. WeChat has grown from a voice messaging platform into a truly ubiquitous app experience in China. HANGZHOU, June 16 (Xinhua) - China's tech giant Tencent announced on Tuesday that its WeChat Pay will support American Express RMB credit cards, coming soon.Ĭhina's central bank on Saturday announced that it had approved an application by American Express' Chinese venture to conduct bank card clearing operations in the country.
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