China central bank approves Tencent’s Tenpay capital boost to 15.3 billion yuan
CHINA’S central bank has approved Tencent Holdings’ online payment platform Tenpay boosting its registered capital to 15.3 billion yuan (S$2.8 billion), according to a central bank statement on Friday (Mar 15).
The approval will make Tenpay the non-bank payment institution with the highest registered capital in China, Chinese state-backed media outlet The Paper said.
Founded in 2006, the Chinese payment company’s current registered capital stands at one billion yuan.
Tenpay offers payment licences and technical support for Tencent’s WeChat Pay and QQ Wallet, The Paper said.
The Chinese authorities previously fined the Shenzhen-based firm nearly three billion yuan over issues such as customer data management during a crackdown on the country’s financial technology industry that ended last year. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Top HSBC shareholder Ping An exploring ways to cut US$13 billion stake
AIG to sell 20% stake in insurer Corebridge to Nippon Life
Activists disrupt Lloyds Bank shareholder meeting
Digitalisation of banking creates new risks, says global watchdog
Deutsche Bank under fire from investors over Postbank problems
A timeline of DBS’ recent banking glitches