Tencent doubles social aid to US$15bil as scrutiny grows

Beijing’s campaign to rein in the Internet sector is entering its tenth month, having expanded from e-commerce and antitrust into areas like data security and online content. — Reuters

Tencent Holdings Ltd is doubling the amount of money it’s setting aside for social responsibility programmes, marking one of the largest philanthropic efforts by China’s Internet giants as regulatory scrutiny intensifies.

The company on Aug 18 announced it will give 50bil yuan (RM32.64bil) to aid the government’s wealth redistribution efforts, adding to an April pledge of 50bil yuan (RM32.64bil) for a “sustainable social values” programme. The new funds will be focused areas like increasing incomes for the poor, improving medical assistance, promoting rural economic efficiency and subsidising education programmes.