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ByteDance says it will reduce size of fintech business, plans to sell stock brokerage operations

The ByteDance logo can be seen in this illustration taken November 27, 2019. REUTERS / Dado Ruvic / Illustration

BEIJING, Sept. 2 (Reuters) – ByteDance, owner of Beijing-based TikTok, said on Wednesday it would downsize its financial services unit and plan to sell off its stock brokerage operations amid tightening markets. China’s grip on the financial technology (fintech) sector.

ByteDance operates Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong, and Haitun Gupiao, or Dolphin Stocks, in mainland China.

China recently tightened its control over the fintech sector, forcing companies to form financial holding companies if they qualify, as Ant Group, a fintech subsidiary of Alibaba (9988.HK), has been forced to do so earlier this year, a decision that tightens. capital requirements.

Sources said ByteDance had never prioritized the expansion of fintech and had focused on sectors such as e-commerce and gaming as new sources of growth.

ByteDance also operates Douyin Pay, its own third-party mobile payment, to facilitate e-commerce transactions for users on the Douyin short video app, the Chinese version of TikTok.

The two ubiquitous third-party mobile payment channels in China, Ant’s Alipay and Tencent Holdings (0700.HK) WeChat Pay, are also available on Douyin.

Reporting by Yingzhi Yang and Brenda Goh. Editing by Gerry Doyle

Our Standards: Thomson Reuters Trust Principles.

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