China central bank approves Tencent's Tenpay capital boost to $2.1 billion
Reuters
Synopsis
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.
By Reuters
China's central bank has approved Tencent Holdings' online payment platform Tenpay boosting its registered capital to 15.3 billion yuan ($2.13 billion), according to a central bank statement on Friday.
Founded in 2006, the Chinese payment company's current registered capital stands at 1 billion yuan.
Tenpay offers payment licenses and technical support for Tencent's WeChat Pay and QQ Wallet, The Paper said.
The Chinese authorities previously fined the Shenzhen-based firm nearly 3 billion yuan over issues such as customer data management during a crackdown on the country's financial technology industry that ended last year.
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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. Elevate Your Tech Prowess with High-Value Skill Courses
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Tenpay offers payment licenses and technical support for Tencent's WeChat Pay and QQ Wallet, The Paper said.
The Chinese authorities previously fined the Shenzhen-based firm nearly 3 billion yuan over issues such as customer data management during a crackdown on the country's financial technology industry that ended last year.
