Sun. Jun 4th, 2023

The ByteDance symbol is witnessed in this illustration taken, Nov. 27, 2019. REUTERS/Dado Ruvic/Illustration

BEIJING, Sept 2 (Reuters) – Beijing-centered ByteDance, the proprietor of TikTok, reported on Wednesday that it would shrink its economical services device and that it prepared to sell its stock broking functions amid China’s tightening grip on the fiscal technological innovation (fintech) sector.

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

China not long ago has been tightening scrutiny toward the fintech sector, demanding organizations to set up economic holding businesses if they satisfy requirements to do so, as Alibaba’s (9988.HK) fintech affiliate Ant Group was pressured to do previously this calendar year, a shift that tightens funds specifications.

Resources have explained that ByteDance has in no way prioritised fintech expansion, and that it has targeted on sectors together with e-commerce and gaming as its new resources of development.

ByteDance also operates Douyin Pay out, its own 3rd-bash cellular payment, to aid users on e-commerce transactions on short online video app Douyin, the Chinese variation of TikTok.

China’s two ubiquitous third-celebration cellular payment channels, Ant’s Alipay and Tencent Holdings’ (0700.HK) WeChat Pay out, are also obtainable on Douyin.

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

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