![]() The Chinese government is also targeting insurance tech platforms over marketing and pricing, and even the liquor industry over volatile pricing, PYMNTS reported. Regulators are casting a wider net, with the crackdown moving beyond tech companies’ payment operations and probing their social reach and data collection. See also: Wide-Ranging Chinese Crackdown Could Grow Wider China’s third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55. The move by ByteDance comes as Chinese watchdogs ramp up regulations and oversight on tech firms, forcing them to spin off FinTech operations as separate companies and meet stricter capital requirements. See also: ByteDance Sets Up Mobile Payments For Douyin ![]() Douyin Pay also has Ant's Alipay and Tencent’s WeChat Pay on its payments platform. The company runs its own third-party payments app - Douyin Pay - to process eCommerce transactions on the Chinese version of TikTok called Douyin. See also: ByteDance Acquires Mobile Games Maker Moonton Technology ![]() See also: ByteDance Ramps Up eCommerce Hiring, SponsorsįinTech expansion didn’t hold great importance to ByteDance, which instead has been focusing on growing its other business units, such as eCommerce and gaming, sources said previously per Reuters. 2).īyteDance, headquartered in Beijing, runs Songshu Zhengquan - translated as Squirrel Securities - in Hong Kong, as well as Haitun Gupiao - translated as Dolphin Stocks - in mainland China. ByteDance unveils payment service for China's version of TikTok Short-video company targets e-commerce for growth, in defiance of leader Alipay Users of Douyin recently discovered that they. Officials fear that TikTok, which like many other social media platforms collects vast amounts of data on its. TikTok parent ByteDance is curtailing its FinTech operations and selling off its stock brokerage business as Chinese regulators continue to wield power over companies that offer financial services, Reuters and other news outlets reported on Thursday (Sept. Both the FBI and officials at the Federal Communications Commission have warned that ByteDance could share TikTok user data such as browsing history, location and biometric identifiers with China’s authoritarian government.
0 Comments
Leave a Reply. |