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China central bank accepts Tencent's Tenpay capital raise of $2.1 billion

A guy rides an electric bike past the Tencent headquarters in Nanshan area of Shenzhen, Guangdong province, China September 2, 2022

BEIJING, March 15 (mod1s) - China's central bank has authorized Tencent Holdings' (0700.HK), opens new tab online payment network Tenpay expanding its registered capital to 15.3 billion yuan ($2.13 billion), according to a central bank statement on Friday. 

The clearance would make Tenpay the non-bank payment firm with the greatest registered capital in China, Chinese state-backed media source The Paper claimed. 

Founded in 2006, the Chinese payment company's current registered capital amounts at 1 billion yuan.

Tenpay provides payment licensing and technical assistance for Tencent's WeChat Pay and QQ Wallet, The Paper stated. 

The Chinese authorities previously punished the Shenzhen-based business almost 3 billion yuan on problems such as client data handling during a crackdown on the country's financial technology sector that ended last year. 

($1 = 7.1950 Chinese yuan renminbi)


Source: https://www.reuters.com/

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