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China's regulators have asked Tencent Holdings to lower the mobile payment market share of its ubiquitous WeChat app, three sources briefed on the matter told Nikkei Asia. This request comes just a few weeks after Beijing started the digital yuan pilot in Hong Kong. The move is seen as part of Beijing's broader efforts to regulate and control the financial technology sector. Tencent's WeChat is a dominant player in China's mobile payment market, and this directive could significantly impact its business operations.
Tencent Holdings has been asked by China's regulators to lower the mobile payment market share of its ubiquitous WeChat app, three sources briefed on the matter told Nikkei Asia. https://t.co/wTjliaLo8q
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