ByteDance, the Chinese firm that at least for now owns all of TikTok, has purchased a Chinese payments company, Reuters reported Friday (Sept. 4).
ByteDance said it purchased payment service UIPay “in a bid to leverage its domestic payment capability,” the news service reported.
Citing data from a Chinese government business-registration database, Reuters reported that ByteDance made the acquisition by using an entity called Tianjin Tongrong E-commerce Co. to buy UIPay owner Wuhan Hezhong Yibao Technology Co. last week.
“The acquisition is to supplement the existing major payment options, and to ultimately enhance user experience on our multiple platforms in China,” ByteDance said in a statement sent to Reuters, according to the news outlet.
UIPay was established in 2012, according to the report.
Citing job postings on LinkedIn, Reuters said ByteDance is seeking to build an international cross-border payments platform.
In another expansion of its business, ByteDance reportedly applied in Singapore in June for an international banking license.
Full Content: PYMNTS
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google Wins Appeal Against EU’s €1.5 Billion Fine for Ad Monopoly Practices
Sep 18, 2024 by
CPI
Meta Introduces Teen Accounts to Address Growing Data Regulation Demands
Sep 17, 2024 by
CPI
FTC Lawyers Wrap Up Arguments to Block Kroger-Albertsons Merger
Sep 17, 2024 by
CPI
Financial Regulator to Monitor CNMC’s Ruling on BBVA-Sabadell Acquisition
Sep 17, 2024 by
CPI
Green Day Ticket Prices Spark Controversy Amid Dynamic Pricing Concerns
Sep 17, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández