China’s ByteDance buys UIPay to leverage e-payment capabilities at home

ByteDance has been hiring globally, and notably in Singapore, for a team that would be in charge of building a network and a platform providing cross-border payments solutions for the firm, according to LinkedIn ads. — AFP

BEIJING/SHANGHAI: ByteDance, the owner of popular short-video app TikTok, said it has acquired a Chinese third-party payment service UIPay in a bid to leverage its domestic payment capability.

ByteDance bought UIPay’s operator, Wuhan Hezhong Yibao Technology Co, via an entity called Tianjin Tongrong E-commerce Co, data from the national business registration portal showed. The ownership change was made on Aug 28.