China’s response may have amounted to taking its own ball home from the game, leaving U.S. 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. One of Chinas leading online wallets, WeChat Pay holds over 38 of mainland Chinese wallet share (iResearch Group) and counts over 800 million active users. 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. 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. 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. Transactions are carried out with the Hong Kong dollar. Tencent's shares are still down around 16 percent so far this year, and off more than 40 percent over the past 12 months. In the same year, Tencent introduced 'WeChat Pay HK', a payment service for users in Hong Kong. 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. The Chinese foreign travel tourist was estimated at around 148 million in 2018 and spent an average of 800. The global strategies of Alipay and WeChat Pay are similarly straightforward at the beginning: Follow outbound tourism. That news had decked Tencent’s shares, which had already been hurt by China’s tech sector crackdown Tencent claimed to have 70 million overseas users in 2013 but since 2014 has been tight- lipped about data. WeChat Pay is a daily payment tool used by Chinese consumers around the world with over 800 million monthly active users, providing a smart and efficient. 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. 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.
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