Chinese authorities are considering Tencent Holdings Ltd (00700.HK) to include WeChat Pay in a newly created financial holding company as part of restructuring that may require new license for the mobile payment service, according to Bloomberg.
The regulators are considering whether WeChat Pay should be included in the holding company or operate as an independent entity from the main social media arm, according to Bloomberg citing people familiar with the matter.
Earlier Wall Street Journal reported on Monday that Tencent is subject to a potential fine of at least hundreds of millions of yuan for violating some central bank’s regulations on it WeChat Pay mobile network.
