The potential move would pose another hurdle for Tencent, which along with other internet companies were told to shut down financial services from its core business in 2021. Just like the requirements of Jack Ma’s Ant Group Co. Tencent must collapse its banking, securities, insurance and credit scoring services into a financial holding company that can be regulated like a traditional bank, the people said.

This post China Weighs Tencent Payments Overhaul, New License Requirement

was original published at “https://www.bloombergquint.com/global-economics/china-weighs-tencent-payments-overhaul-new-license-requirement”