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asia

ByteDance Enters China’s Digital Payments Sector

By
Yunan Zhang
· · Source: The Information

TikTok’s owner ByteDance confirmed it is entering the fray for China’s digital payments, a market dominated by tech giants Tencent and Alibaba affiliate Ant Group. ByteDance said that it acquired payment agency UIpay, and gotten a payments license. The acquisition was first reported by Chinese media in 2018, but ByteDance had denied it at the time, saying it was only a UIpay client. ByteDance’s...

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