China’s response may have amounted to taking its own ball home from the game, leaving U.S. 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. With WeChat Pay enabled on mobile phone, users can make transaction payments. 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. Using WeChat Pay has become habit WeChat Pay has become a part of daily life. 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. 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 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. 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. In the same year, Tencent introduced 'WeChat Pay HK', a payment service for users in Hong Kong. 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 disruption and innovation brought about by Alibaba and Tencent were actively. That news had decked Tencent’s shares, which had already been hurt by China’s tech sector crackdown two most widely used mobile payment services, Alipay and WeChat Pay. 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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