Fresh hurdle for Tencent

New ruling: Logos for digital payment services Alipay by Ant Group and WeChat Pay by Tencent Holdings outside a restaurant in Hong Kong. Chinese authorities are considering an overhaul that may necessitate a new licence for the mobile payments service. — Reuters

CHINESE authorities are considering requiring Tencent Holdings Ltd to include WeChat Pay in a newly created financial holding company, part of an overhaul that may necessitate a new licence for the ubiquitous mobile payments service, according to people familiar with the matter.

The potential move would present a fresh hurdle for Tencent, which along with other Internet firms was told in 2021 to cordon off financial services from its main business.