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Tag: tencent

  • Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent, the Chinese multinational conglomerate, has extended its cross-border payment service, TenPay Global, to non-Chinese citizens. This move allows overseas individuals to send money directly into China and avail themselves of WeChat-related services.

    Enhanced Access to Digital Transactions in China

    Tencent’s newly launched service, “Remit to China for Non-Chinese Citizens,” permits foreign passport holders to transfer funds directly from overseas to beneficiaries in mainland China. This expansion in Tencent’s service offerings is a significant move in making China’s highly digitalized payment ecosystem more accessible to international tourists, students, expatriates, and business travelers.

    With this service, overseas users can transfer funds to beneficiaries in China using mobile phone numbers associated with WeChat accounts. Upon receipt, the funds can be instantly used for a variety of services within the Weixin ecosystem. These include online shopping, mobile top-ups, utility payments, and other everyday transactions.

    This service is particularly beneficial for international students, workers, travelers, and expatriates in China. TenPay Global offers round-the-clock access and allows transfers to be completed within minutes.

    Strengthening Cross-Border Payment Connectivity

    This launch is part of Tencent’s broader strategy to bolster cross-border payment connectivity between China and international markets. The current TenPay Global remittance platform works in conjunction with over 60 international banks and money transfer providers, supporting transfers to China from more than 100 countries and territories worldwide.

    As cross-border mobility begins to recover across Asia, payment providers are concentrating on minimizing friction for international consumers seeking access to local payment networks.

    Tencent’s remittance service is a key component of the internationalization strategy for Weixin Pay, Tencent’s leading domestic payment platform. The company has also advanced its “Pay with Your Home E-Wallet” initiative, enabling foreign visitors to make payments in mainland China using digital wallets issued in their home markets.

    With over 40 global wallet providers, TenPay Global currently has 36 e-wallets from 13 countries and regions connected to Weixin Pay’s network.

    Tencent’s expansion is indicative of the ongoing efforts by Chinese tech companies to merge domestic payment platforms with international financial networks, simplifying transactions within China’s predominantly cashless economy for foreign users. This initiative also strengthens WeChat’s position as a hub for both payments and everyday digital services, extending its reach to a rapidly growing international customer base.

    Questions & Answers

    What services does Tencent’s “Remit to China for Non-Chinese Citizens” allow?

    The service enables foreign passport holders to transfer funds directly from overseas to recipients in mainland China. The funds can then be used for various services within the Weixin ecosystem, like online shopping, mobile top-ups, and utility payments.

    What initiative has Tencent expanded apart from the remittance service?

    Tencent has also expanded its “Pay with Your Home E-Wallet” initiative, which allows overseas visitors to make payments in mainland China using digital wallets issued in their home markets.

    Which countries and regions are connected to Weixin Pay’s network?

    Currently, 36 e-wallets from 13 countries and regions, including the United States, Singapore, Vietnam, Laos, and Mongolia, are connected to Weixin Pay’s network.

  • Tencent to hand $20 billion Meituan stake to shareholders as sales slip

    Tencent to hand $20 billion Meituan stake to shareholders as sales slip

    The internet giant said Wednesday that Tencent Holdings Ltd. will distribute 90% of its holdings in meal delivery giant Meituan to shareholders as a special dividend.

    Tencent will hand out 958 million of Meituan’s B shares to shareholders at a rate of one Meituan share for every 10 Tencent shares. Based on Meituan’s Wednesday closing price of HK$162.3 a share ($20.74), the payout will worth roughly $20 billion.

    As of June 30, Tencent owned more than 1 billion of Meituan’s B shares, or 19.75%, making it the biggest shareholder. The distribution will leave Tencent with less than 2% of Meituan. Tencent said it expects to complete the distribution in March.

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  • Asia a Hotspot for US-China Cloud Giants

    Asia a Hotspot for US-China Cloud Giants

    Cloud computing momentum continues to build in Asia as cloud giants channel more attention toward the fast-growing region. Demonstrating this, Oracle Cloud, Google Cloud and Tencent Cloud successively announced – within a week’s time in August – expansion plans to capture cloud market opportunities in Asia.

    As one example, Oracle Cloud has just established a new Oracle Cloud Singapore Region to meet the rising demand for cloud services. According to Chin Ying Loong, regional managing director for ASEAN & South Asia Growing Economies (SAGE),

    Google Cloud, meanwhile, has its eye on Singapore’s neighboring country, Malaysia, where it announced the establishment of the first cloud region in the country, a move set to advance the next phase of the country’s economic growth. Google Cloud has said that this new region is its “most significant infrastructure investment in Malaysia to date to support its growing local customer base, including companies in regulated industries.”

    In addition, Google Cloud will also add a cloud region in Thailand. According to research by Google, with an economy expected to reach $57 billion by 2025, Thailand is a strategic cloud market that is predicted to churn out $79.5 billion in annual economic value in the country by 2030. This would put Google Cloud in direct competition with major industry players like AWS and Tencent. A new cloud region will also be added in New Zealand – totaling three new regions in the Asia Pacific.

    Karan Bajwa, vice president for Google Cloud, Asia Pacific, noted, “When they launch, these new regions will join our 34 cloud regions in operation around the world — 11 of which are located in Asia Pacific — delivering high-performance services running on the cleanest cloud in the industry.”

    Moreover, Google just opened its third data center in Singapore in August, in a move “to build the country into its regional hub for its network of data centers, cloud regions and subsea cables.”

    Also setting sights on different countries in the region, Tencent Cloud recently announced its partnership with CITIC Telecom’s subsidiary, Acclivis, to deliver private, public and hybrid cloud services, as well as ICT solutions to cater to the demands of enterprises in Southeast Asia, China and Hong Kong. Through this partnership, Tencent Cloud aims to expand its footprint beyond China to offer its services in Southeast Asian markets. According to IDC, Southeast Asia is the fastest-growing cloud computing market and is expected to be valued at $40.32 billion by 2025, attributed in large part to India.

    This wave of interest is spurred by increased cloud reliance as more organizations recognize the long-term benefits of embracing the cloud. Across Asia, governments are investing in cloud computing to fuel digital transformation, which in turn drives greater innovation in the private sector.

    In Asia Pacific, China is the largest cloud market, followed by Japan, India, South Korea and Australia. The clear cloud leaders in this region are AWS and Alibaba. According to Synergy Research Group, Asia Pacific now accounts for one-third of the global cloud market and is growing more rapidly than North America or EMEA regional markets.

    AWS, the global leader in the cloud computing market, posted a strong 33% revenue growth from its cloud business in the second quarter of 2021, signaling strong growth, albeit slower than the growth of rivals Google Cloud and Microsoft.

    Alibaba Cloud – the largest cloud provider in the Asia Pacific and the third largest globally, behind AWS, Microsoft and Google Cloud – posted a 60% hike in revenue in Southeast Asia alone last year, with plans to continue to leverage further overseas market opportunities outside of China.

    While China is dominated by local cloud companies like Alibaba Cloud and Tencent, the rest of the region is a playing field between Chinese and US cloud giants. The succession of cloud expansion announcements in the region is a clear indication that Asia is the coveted region for unprecedented cloud growth.

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  • Tencent Cloud Teams Up With Acclivis to Bring Cloud and ICT Offerings in SE Asia, Mainland China and HK

    Tencent Cloud Teams Up With Acclivis to Bring Cloud and ICT Offerings in SE Asia, Mainland China and HK

    Tencent Cloud and technology services provider Acclivis Technologies and Solutions announced that they have signed a strategic partnership to bring private, public and hybrid cloud and ICT solutions to enterprises in Southeast Asia, mainland China and Hong Kong.

    Tapping Acclivis’ presence in Singapore, Malaysia, Indonesia, Thailand, Philippines and Hong Kong as well as Tencent Cloud’s expertise and experience in China, the collaboration primes both parties to be the go-to partners for Southeast Asian enterprises who want to access China as well as Chinese enterprises keen to expand in Southeast Asia.

    The combined platform will offer Tencent Cloud’s cloud computing services and industry solutions available for verticals including financial services, entertainment, gaming, media and entertainment, retail and more.

    Additionally, the collaboration also provides a one-stop ICT platform featuring the internet services, managed services and IT end-user support provided by Acclivis to address the diverse and interconnected needs of every enterprise’s digital transformation journey.

    This full-suite ICT platform will allow enterprises to enjoy a better customer experience through simplified IT management using AI and machine learning, and also reap cost savings from the synergies expected from the partnership.

    Further highlighting Tencent Cloud’s commitment to bringing only the best cloud solutions to every part of the world, Tencent Cloud said it is pleased to team up with Acclivis to serve Southeast Asian enterprises who want to expand their reach to China.

    Kenneth Siow, regional director for Southeast Asia and general manager of Singapore, Malaysia and Indonesia, Tencent Cloud International, said, “Enterprises all over Southeast Asia have clamored for cloud technology that would help them easily connect their businesses to China. We are pleased to enter this new agreement with Acclivis to help businesses and organizations expand their global footprints, whether they are from Southeast Asia or China.”

    Meanwhile, Marcus Cheng, CEO of Acclivis Technologies and Solutions, added, “Acclivis’ mission is to provide reliable and comprehensive ICT solutions to help organizations realize the power of digital transformation. Leveraging on our deep roots in Southeast Asia, our internet connectivity and managed services capabilities, and Tencent Cloud’s years of experience in providing cloud services to various industries, our new partnership will put us ahead of the curve to access greater opportunities in Southeast Asia and China.”

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  • China regulator fines Alibaba, Tencent for disclosure violations

    China regulator fines Alibaba, Tencent for disclosure violations

    China has imposed fines on technology giants Alibaba and Tencent, as well as a range of other firms for failing to comply with anti-monopoly rules on the disclosure of transactions, the country’s market regulator, said on Sunday.

    The State Administration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in its subsidiary, the Youku Tudou streaming platform.

    Tencent was involved in 12 of the transactions on SAMR’s list.

    The firms could not immediately be reached for comment. China’s tech sector has been one of the main targets of a crackdown on monopolistic practices that started in late 2020.

    Under the anti-monopoly law, the maximum potential fine in each case stands at 500,000 yuan ($74,688).

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  • Tencent posts slowest-ever sales rise; regulation impact set to ease

    Tencent posts slowest-ever sales rise; regulation impact set to ease

    Chinese social media and gaming giant posted its slowest ever growth since going public in 2004. The company grew just 8 percent in the fourth quarter. This is reflecting regulatory scrutiny which has affected has hurt its gaming and advertising sales.

    China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing’s move to strengthen control over its society and industries including technology, after years of unbridled growth.

    This has also led to a slowdown in advertising as businesses have cut spending.

    Tencent Holdings, which gets much of its revenue from gaming and develops games such as ‘Honour of Kings’ and ‘Call of Duty Mobile’, said domestic gaming sales grew 1% in the quarter ended Dec. 31.

    The restrictions on minors were effective as the total time spent by minors on its games sank 88%, Tencent said, adding that the impact of this factor on revenue growth would ease later in the year.

    “As we move into the latter half of 2022 it should cease to impact the revenue growth rate,” Chief Strategy Officer James Mitchell told reporters on a call on Wednesday, referring to the minor-protection measures.

    Tencent President Martin Lau said regulators were still supportive of the gaming industry, adding that the company had a ready pipeline of games for when approvals resumed.

    The company, which also posted its slowest ever annual revenue growth at 16%, said revenue in its online advertising business fell 13% in the fourth quarter.

    It expects its ad business to resume growth in late 2022 after companies adjust to regulatory requirements.

    Total revenue rose to 144.2 billion yuan ($22.63 billion) in the quarter, below an average of 147.6 billion yuan expected by 17 analysts, Refinitiv data showed.

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  • Tencent Ordered to Restructure Financial Units

    Tencent Ordered to Restructure Financial Units

    Similar to rival Ant Group, Tencent has also been ordered to set up a holding company to contain its finance-related businesses.

    Regulators told Tencent to place its finance-related businesses into a new financial holdings company for better supervision, according to a Caixin report citing unnamed sources.

    This follows a report last month that said top financial regulators summoned 13 tech giants – including Tencent – to discuss tighter restrictions across various areas including payments linked to financial products, customer data collection, and credit scoring services.

    Tencent and its peers are following a similar path to that of Ant Group which was first to face restructuring to become a financial holding company after it was ordered to do so by China’s central bank.

  • Chinese Fintech Giants Join Efforts to Calm Markets

    Chinese Fintech Giants Join Efforts to Calm Markets

    Chinese fintech giants Ant Group and Tencent are the latest to attempt to inspire calm in markets after they told investors not to overreact to price swings and avoid making hasty decisions.

    Alipay, Ant Group’s payment arm, issued a letter earlier this week in its app to urge investors to take a longer-term view on the stock markets, which have seen turbulent swings erase $1.3 trillion from the CSI 300 index two weeks after reaching a 13-year high.

    According to the letter by a think tank under Ant Fortune – a wealth management platform within Alipay that provides access to over 6,000 funds – volatility is a natural characteristic and driver of returns for equities. Short-termism could result in investors «buying high and selling low», it said, adding that full panic in the market could signal that stocks have bottomed out.

    Earlier this month, Tencent’s wealth management platform also posted an article earlier this month, reminding investors that the majority of companies that generate high returns have previously seen a significant correction of share prices.

    The fintech duo’s warnings to investors coincide with efforts by Beijing to also inspire calm in markets.

    Chinese authorities are reportedly injecting funds to support the market via its so-called «national team» and censoring search phrases on social media.

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  • Chinese shopping app Xingsheng Youxuan raises US$2 billion in funding

    Chinese shopping app Xingsheng Youxuan raises US$2 billion in funding

    Chinese community grocery shopping app Xingsheng Youxuan has raised about US$2 billion in a new funding round that values the company at US$6 billion prior to the fresh capital injection, three people with knowledge of the matter said.

    Private equity firms FountainVest Partners, Primavera Capital Group and KKR & Co are among investors in this round, two sources said. Internet and gaming giant Tencent Holdings, which is an early backer of Xingsheng Youxuan, also invested in this round, one of them said.

    The fundraising signed just before the Lunar New Year, was led by Sequoia Capital China and has also attracted property developer China Evergrande Group and Singapore’s sovereign wealth fund Temasek, said a separate person with direct knowledge.

    Xingsheng Youxuan’s spokesman Li Hao declined to comment when contacted by Reuters. Representatives for Sequoia China, FountainVest, Tencent and Temasek declined to comment.

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  • Washington Mulls Alibaba and Tencent Ban

    Washington Mulls Alibaba and Tencent Ban

    Just weeks before the end of the current U.S. administration, authorities are reportedly discussing the expansion of a blacklist of companies linked to China’s military with the inclusion of major tech giants, Alibaba and Tencent.

    Discussions considering the inclusion have been underway for a few weeks amongst State and Defense Department officials, according to a report citing unnamed sources.

    The original blacklist was released in November with 31 companies including the likes of surveillance firm Hikvision and semiconductor maker SMIC.

    Most recently, the Chinese military investment ban also included an unusual case involving China Mobile, China Telecom and China Unicom Hong Kong. After an initial decision to delist the three Chinese telecommunication firms, the New York Stock Exchange (NYSE) reversed the call this Monday before making yet another reversal on Tuesday.

    Sources said that there was ambiguity about whether or not the aforementioned firms were subject to the bans which subsequently led U.S. Treasury Secretary Steven Mnuchin to phone NYSE president Stacey Cunningham to tell her he disagreed with the decision to reverse the delisting.

    The investment bans are part of a series of moves made by the Trump administration to drive decoupling between U.S. capital and the Chinese economy.

    In addition to military-linked companies, Washington also seeks to tighten on Chinese firms that fail to pass U.S. auditing standards, pressuring them with the prospects of delisting from American bourses.

    This follows a series of headline accounting scandals amongst U.S.-listed Chinese companies such as the $300 million inflation of sales figures at Luckin Coffee or 83 tons of collateralized fake gold bars at Kingold.

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  • Tencent to Launch Regional Hub in Singapore

    Tencent to Launch Regional Hub in Singapore

    The Chinese technology conglomerate is pushing ahead with global expansion plans, despite recent app bans in India and the United States. Tencent is planning to open a new office in Singapore, which will be its regional hub for Southeast Asia, where it also has offices in Malaysia, Indonesia, and Thailand, the company said in a statement on Tuesday.

    The Singapore office will also enable us to capture potential from the rapid pace of digitization and meet the demand for internet-based services and solutions in Singapore, Tencent said in a statement. Tencent’s cloud computing arm, which seeks to tap into the demand for remote IT services for home-based workers, as well as its financial cloud platform that provides digital banking services to small and medium enterprises, have been growing in the region amid the coronavirus pandemic.

    The company had been discussing Singapore as a potential regional hub and geopolitical tensions accelerated its plans, according to a Bloomberg report. The company is already hiring for software engineers, data analysts, business development, and compliance roles in the city-state, according to its careers portal.

    Singapore, with its business-friendly policies, is benefitting from the growing hostility towards Chinese tech firms in the U.S. and other markets. Chinese tech start-up ByteDance, the owner of video-sharing app TikTok, are among those which are shoring up its presence in the country, where it is looking to spend several billion dollars and add hundreds of jobs here over the next three years.

    U.S. President Donald Trump has banned U.S. entities from dealing with Tencent’s super-app WeChat from September 20, while the company’s hit games PlayerUnknown’s Battlegrounds (PUBG) Mobile and Arena of Valor are banned in India.

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  • Tencent profit beats expectations after strong demand for games

    Tencent profit beats expectations after strong demand for games

    Chinese gaming and social media giant Tencent Holdings said second-quarter net profit rose 37 percent, beating market estimates, on higher demand for its video games as coronavirus put a dent in other entertainment options.

    Revenue from online games, which accounts for one-third of total sales, jumped 40 percent in the quarter, primarily driven by smartphone games including Peacekeeper Elite and Honour of Kings. That offset a continued decline in desktop games.

    Social networks, fintech and business services, and social advertising revenues all grew by nearly 30 percent.

    Media advertising revenues fell by 25 percent however, “as a result of weak brand advertising demand amid the challenging macro environment”, and delayed content production and releases.

    The world’s largest gaming firm by revenue booked a US$4.8 billion profit for the three months through June. Revenue rose 29 percent to $16.5 billion.

    The results come a few days after the US said it would ban WeChat-related transactions in the country.

    Tencent, which owns the Chinese messaging app, is under pressure to address concerns about the impact of the ban and outline its plans to mitigate any fallout.

    The company has also postponed a blockbuster release of “Dungeon and Fighter Mobile” game planned for August 12, citing upgrades needed to the game’s addiction prevention system.

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  • Burberry teams with Tencent to launch world-first social-retail store

    Burberry teams with Tencent to launch world-first social-retail store

    Luxury fashion label Burberry has teamed with technology giant Tencent to launch its first social retail store in Shenzhen, China. Located in the new Shenzhen Bay MixC development, the Burberry social store features a unique design with a variety of materials and textures ranging from plywood to mirror and high-gloss finishes. Occupying a 539sqm area, the storehouses 10 different rooms.

    The Burberry social store offers a wide range of items including the brand’s latest collections and pieces exclusive to the Shenzhen store. All the stock is labeled with QR codes which when scanned show information on the customer’s digital screen. This is the brand’s first store to have QR codes on product swing tags.

    When entering the store, customers are welcomed by an interactive window. Inspired by the brand’s mirrored runway, the window illustrates the visitors’ shape and response to body movement. The window changes through the seasons to reflect the latest collections and house codes.

    Burberry’s fitting rooms feature three different concepts reflecting the label’s house codes – the Burberry Animal Kingdom, Reflections, and the Thomas Burberry Monogram.

    Named after the fashion house’s founder, Thomas’s Cafe features a modern yet elegant design with high-gloss tones of beige, curtains, and chamfered mirroring. The cafe can be converted into a community space for social events such as workshops, exhibitions, and live performances.

    The social store also houses a Trench Experience space, designed with digital technology to “bring Burberry’s heritage of exploration to life and creating unique and personal content for the customer to share on social media”.

    “This store explores this relationship, blending the digital and the physical realms in an exciting new concept,” said Riccardo Tisci, chief creative officer at Burberry.

    “I wanted to bring this love of the outdoors to life through all the elements of the store, which can be seen in the Burberry Animal Kingdom prints in the cafe as well as in the fully immersive Trench Experience and even in the small details of the design materials. I really wanted to draw upon these familiar house codes to bring our community together in an interactive journey of discovery,” Tisci said.

    “When it came to innovating around social and retail, China was the obvious place to go to, as home to some of the most digitally savvy luxury customers,” said Marco Gobbetti, CEO at Burberry.

    The Burberry social retail store offers an interactive experience through Tencent’s WeChat mini program which allows customers to unlock exclusive content and personalized experiences.

    “… Burberry’s social retail store in Shenzhen is a place of discovery that connects and rewards customers as they explore online and in-store. It marks a shift in how we engage with our customers and we can’t wait to share this innovative experience with the world,” Gobbetti said.

    The mini-program also provides a platform where customers can explore the store and product, book in-store appointments, and reserve events or tables in the Thomas cafe and community space.

    The WeChat mini program also features a rewards program called “social currency” where customers are allocated characters and can engage with others. Customers can unlock exclusive content and personalized experiences by building their social currency. Rewards range from cafe menu items to mini-program content.

    The Burberry social retail store is a unique space to test and learn, and to trial innovation that can be expanded to the rest of the Burberry network in China, the company said in a statement.

    Burberry signed an exclusive partnership agreement with Tencent last year to develop social retail in China. The Shenzhen social store is the first step in the partnership, taking interactions from social media into a physical retail environment.

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  • Tencent to help Tim Hortons China roll out over 1,000 outlets

    Tencent to help Tim Hortons China roll out over 1,000 outlets

    Chinese social networking and gaming giant Tencent is partnering with Tim Hortons China to expand the Canadian coffee house’s rollout.

    Tencent announced the partnership on its Chinese social media accounts without disclosing any financial details.

    Tim Hortons China has traded since early last year and is expected to use the new funding to set up a WeChat app as well as opening new physical locations outward from its highest concentration of stores in Shanghai. The firm has set a general initial target of 1500 outlets in the territory.

    The firm may be taking a leaf out of Starbucks’ former arch-rival Luckin Coffee’s playbook in focusing on digital business. Luckin expanded swiftly in China using the strategy before becoming embroiled in a financial fraud scandal.

  • Tencent costs surge as competition Bytes

    Tencent costs surge as competition Bytes

    Soaring costs saw Tencent Holdings report a net income of US$13 billion for last year, after a slow fourth quarter, which concerned analysts given the subsequent impact of the coronavirus crisis since January.

    Costs rose 20 percent last year as the social media and digital company spent money buying new content and securing new users to its WeChat and other platforms to protect itself from fast-growing rival ByteDance, parent of TikTok.

    Group revenue topped US$53.3 billion for the year but its cost of sales reached $29.7 billion.

    Tencent said its online gaming revenue grew by 25 percent, the fastest rate since the first quarter of 2018 and sales of smartphone games soared 37 percent.

    The company said more gamers signed up to its services in January as the coronavirus crisis forced people to stay home, with schools, universities and workplaces closed for an extended period.

    Net fourth-quarter income was $3.1 billion.