China central bank approves Tencent's Tenpay capital boost to $2.1 billion
economictimes.indiatimes.comTencent 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.
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
Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit 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.
