![]() ![]() “This total mobile internet solution brings the convenience to people's lives.” WeChat Pay is now the most popular payment network in China, with over 1bn users. “As well as connecting people with each other, WeChat Pay also connects people with services.” If an individual leaves the house with their phone, then they do not have the need for money or a wallet, as WeChat Pay enables them to shop without these items. ![]() Sun explained that WeChat Pay enables almost all aspects of the average Chinese person’s life. Traditionally, the hóngbāo, the Red Packet was only given between family and friends for good luck during the Chinese New Year period.” “In 2014, Tencent’s WeChat fundamentally changed the game, by allowing you to send the digital red packet to your friends or to your chat group. ![]() Sun shared one innovation that has had a great influence with the launch of the payment app. In 2013, WeChat Pay was launched and the company moved into the finance space with the creation of WeBank (China) two years later in 2015, before beginning to expand overseas to Hong Kong and the Malaysian markets in 2013, 20, as Tencent began to establish itself as a key player in the financial payments industry. TENCENT WECHAT ECNY WECHAT PAY 800M PCAccording to the Senior Product Director of Tencent, Wendy Sun, who spoke at Money 20/20 2019, Tencent wished to adapt alongside its customers, who “changed from the PC to the mobile phone age.” This sparked the creation of WeChat in 2011. Originally a platform that created online multiplayer games such as League of Legends, it moved into the instant messenger service, QQ. The multi-conglomerate Tencent has moved across industries since its creation in 1998. Setting up a financial holding company would “involve some organizational changes” but Tencent would be able to comply and it should not impact the business, Lau added.Ĭhinese giant Tencent said it is exploring whether regulators will require it to create a financial holding company to house is fintech business.Tencent’s understanding of its wide customer base has allowed its successful transformation into the payment market, changing the ways in which transactions are carried out in Asia forever. The Tencent president said that the regulators are trying to “guide a healthier and more sustainable development” of the financial industry. “We are proactively engaging in that discussion.” We felt after that we should have a clearer picture on what are the criteria for inclusion into financial holding company and whether we qualify or not,” Lau said. “Recently there have been two financial holding company licenses that have been issued. Tencent’s Lau said the internet giant was watching this development closely for guidance. This month, the Chinese central bank approved the establishment of two financial holding companies. The PBOC has asked Ant Group, which is the financial technology affiliate of e-commerce giant Alibaba, to restructure as a financial holding company. In November, regulators suspended the public listing of Ant Group, which would have been the world’s largest, over regulatory concerns. WeChat has over 1.2 billion monthly active users. Tencent, via messaging app WeChat, offers services from payments to microloans. The People’s Bank of China, the country’s central bank, has long been concerned about technology companies operating banking-like services and the perceived risks that come with that to financial stability. “We have been continuously exploring the establishment of the financial holding company and looking at the regulation with respect to that and whether there is a requirement for that,” Tencent President Martin Lau said on an earnings call with media Wednesday, after the firm posted its slowest revenue growth on record.īloomberg, citing people familiar with the matter, reported that Tencent needs to place its banking, securities, insurance and credit-scoring services into a financial holding company that can be regulated like a traditional bank. The comments come after Bloomberg reported last week that Chinese authorities are considering requiring Tencent to include WeChat Pay, its ubiquitous mobile payments service, in a new financial holding company. Chinese tech giant Tencent is exploring whether regulators will require it to create a financial holding company to house is fintech business, a top executive said on Wednesday. ![]()
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