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TikTok Parent ByteDance Says It Will Downsize Fintech Business, Plans to Sell Stock Broker Operations

TikTok-Parent ByteDance Says It Will Downsize Fintech Business, Plans to Sell Stock Broker Operations 1k2p4r

ByteDance has never prioritised fintech expansion, as per sources. 361o1y

By Reuters | Updated: 2 September 2021 13:53 IST

TikTok-Parent ByteDance Says It Will Downsize Fintech Business, Plans to Sell Stock Broker Operations

ByteDance operates Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong 5i3g68

Highlights

China recently has been tightening scrutiny towards the fintech sector
ByteDance also operates Douyin Pay
Ant's Alipay and Tencent's WeChat Pay, are also available on Douyin

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Beijing-based ByteDance, the owner of TikTok, said on Wednesday that it would shrink its financial services unit and that it planned to sell its stock broking operations amid China's tightening grip on the financial technology (fintech) sector.

ByteDance operates Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong, and Haitun Gupiao, or Dolphin Stocks, in mainland China.

China recently has been tightening scrutiny towards the fintech sector, requiring companies to set up financial holding companies if they meet requirements to do so, as Ant Group was forced to do earlier this year, a move that tightens capital requirements.

China Owns Stakes in ByteDance, Weibo Domestic Entities, Records Show

Sources have said that ByteDance has never prioritised fintech expansion, and that it has focused on sectors including e-commerce and gaming as its new sources of growth.

ByteDance also operates TikTok.

China's two ubiquitous third-party mobile payment channels, Ant's Tencent's WeChat Pay, are also available on Douyin.

TikTok May Make a Comeback in India Soon, Trademark Application Suggests

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