This year, France and Switzerland held their first cross-border trials, with many more set to follow soon.Michael Vi/iStock Editorial via Getty ImagesĬhinese internet giant Tencent Holdings ( OTCPK:TCEHY) could be forced to overhaul its operations and put WeChat Pay into a financial holding company, similar to what happened with Ant Group, after pressure from Chinese regulators, according to Bloomberg. The move would put all of Tencent's financial operations, including banking, securities, insurance and credit-scoring services into the holding company so it can be regulated like a bank, the news outlet added, citing people familiar with the matter.īy putting WeChat Pay into the holding company, Tencent ( OTCPK:TCEHY) would likely operate it separately from the rest of WeChat and could add uncertainty as it is one of the main features of the app and potentially reduce convenience. WeChat is used by more than 1 billion people around the world and WeChat Pay handles "billions of dollars" on a daily basis, Bloomberg explained.
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Tencent ( OTCPK:TCEHY) shares fell nearly 8% to $48.58 on Thursday.Įarlier this week, it was reported that Tencent ( OTCPK:TCEHY) could face a record fine for potential money laundering via its WeChat Pay mobile network.Ĭhina has cracked down on companies in the past year, especially tech firms. The aforementioned Ant Group was ordered by Chinese regulators to restructure into a financial holding company, and Alibaba ( BABA) was ordered to pay a $2.75 billion antitrust fine in April 2021.
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