![]() ![]() It has also been hiring globally, and notably in Singapore, for a team to build cross-border payments solutions. (Source: Min.news)īeijing-based ByteDance acquired Chinese third-party payment service UIPay’s operator, Wuhan Hezhong Yibao Technology Co, in September 2020. The platform continues to offer payment options from Alipay and WeChat Pay. Users are now able to select the Douyin Pay option on the short-video app. ![]() It also continues to offer payment options from Ant Group’s Alipay and Tencent ’s WeChat Pay.īyteDance, together with Bilibili, Meituan, Pinduoduo and Didi, are the latest companies to vie for a share of China’s payments sector which is currently dominated by Alipay and WeChat Pay, amid the Chinese government’s crackdown on monopoly practices in the country’s internet sector.Īlipay and WeChat Pay account for more than 90% of the mobile payments market in China, according to iResearch. The new payment service allows users to link their accounts to a number of lenders including Bank of China, China Construction Bank and Agricultural Bank of China to make purchases within the app, which has 600 million daily active users. SEE ALSO: ByteDance’s Douyin Releases 2020 White Paper on Travel Vloggers The establishment of Douyin Pay “is to supplement the existing major payment options, and to ultimately enhance the user experience on Douyin,” the company told Pandaily on Wednesday. It also said TikTok’s chief executive, Shou Zi Chew, would step down as chief financial officer at ByteDance in order to focus on running the video platform full-time.īyteDance has been approached for comment.Chinese company ByteDance has launched an in-app payment service in its short video platform Douyin, the Chinese version of TikTok, as the company ramps up effort to expand its business into the domestic mobile payments market. The ByteDance board move comes after the company on Tuesday announced a major organisational reshuffle to create six business units. The law limits the conditions under which companies can gather personal information and sets rules for how it is used. The timing of the withdrawal coincided with China’s new data protection law coming into effect on Monday. The move came shortly after Ma delivered a speech criticising Chinese financial regulators.įoreign tech firms are also retreating from China, with Yahoo announcing this week that it was was quitting the country because of the “increasingly challenging business and legal environment in China”. Ma has limited his public appearances since the planned float of his online finance platform, Ant Group, was blocked by President Xi Jinping last year. Jack Ma, Alibaba’s co-founder, has been a high-profile victim of the crackdown, only recently venturing outside China to go on holiday in Spain. Tencent, a social media, gaming and finance group, and Alibaba, an online shopping giant, have both pledged multibillion pound sums to help achieve the “common prosperity” of the nation. The founder of the e-commerce company Pinduoduo, Huang Zheng, stepped down as chair this year, having earlier relinquished his chief executive title.Īccording to analysts, the Chinese government has become increasingly concerned about the power and influence that has been amassed by wealthy tech entrepreneurs, with many of them multibillionaires. Last week, the short-video apps owner Kuaishou said its co-founder, Su Hua, had stepped down as chief executive. It also owns Douyin, a video platform for its domestic market, and other interests that span education, gaming and business software.Ī number of founders at some of China’s most well-known tech companies have in recent months given up overseeing daily operations amid a government clampdown on the tech sector. At the time, Zhang said he was leaving the role because he lacked managerial skills and preferred “reading and daydreaming” to running the tech group.īyteDance is one of Chinese tech’s biggest global success stories thanks to TikTok, the short-video platform that has amassed more than 1 billion users worldwide and has become a competitive threat to rival US tech firms such as Facebook, Snapchat and Google-owned YouTube.īyteDance was valued at $140bn (£102bn) in a fundraising round last year. In May, the company had said he would move to a “key strategy” position at the end of the year. It was also unclear whether there had been any changes to Zhang’s control of ByteDance, where he owns 50% of the voting rights. Reuters reported that ByteDance’s new chief executive, co-founder Liang Rubo, has taken over as chair of the company’s five-person board. ![]()
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