China’s central financial institution has accredited Tencent Holdings’ on-line fee platform Tenpay boosting its registered capital to fifteen.3 billion yuan ($2.13 billion), based on a central financial institution assertion on Friday.
The approval will make Tenpay the non-bank fee establishment with the best registered capital in China, Chinese language state-backed media outlet The Paper stated.
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Based in 2006, the Chinese language fee firm’s present registered capital stands at 1 billion yuan.
Tenpay gives fee licenses and technical assist for Tencent’s WeChat Pay and QQ Pockets, The Paper stated.
The Chinese language authorities beforehand fined the Shenzhen-based agency almost 3 billion yuan over points akin to buyer knowledge administration throughout a crackdown on the nation’s monetary know-how business that ended final yr.
