Chinese regulators are considering requiring tech giant Tencent to include digital WeChat Pay wallet service in a newly created financial holding company, Bloomberg reported on Friday, as part of of a review that may require a new Licence for the mobile payment service.
China is now evaluating whether WeChat Pay should to be understood in this holding company and operate separately from the main social media arm, Bloomberg said, citing people familiar with the question.
the news comes after the Wall Street Journal reported on Monday that Tencent was facing a potential fine of at least hundreds of millions of yuan for violate some power plants bank regulations on son WeChat payment mobile network. Tencent has not yet comment on the question.
Reuters had reported earlier this week citing sources that Alibaba Group Holding and Tencent were preparing to cut dozens of thousands of combined jobs that year in one of their biggest layoff rounds as internet companies attempt to make face with China is sweeping regulatory repression.
China recently launched a threeyear program campaign headed by its central bank and Ministry of public safety, to fight money laundering.
