TikTok Guardian Firm ByteDance Acquires UIPay

• ByteDance — the father or mother firm of TikTok — has obtained 3rd-social gathering payment corporation UIPay. These are the facts.

ByteDance — the dad or mum company of TikTok — has acquired 3rd-occasion payment firm UIPay. This offer will enable ByteDance to make the most of its domestic payment capability.

This deal was done by ByteDance attaining UIPay’s operator Wuhan Hezhong Yibao Technology Co via an entity named Tianjin Tongrong E-commerce Co, in accordance to Reuters. The alter in ownership transpired on August 28. ByteDance founder and CEO Zhang Yiming owns Tianjin Tongrong.

“The acquisition is to dietary supplement the current main payment alternatives, and to in the end enhance person encounter on our a number of platforms in China,” said ByteDance in a modern statement to Reuters

Launched in 2012, UIPay had acquired a 3rd-party payment license from China’s central bank in 2014. And rumors to start with surfaced about ByteDance purchasing UIPay in 2018. ByteDance said the two firms have been business associates at the time.

ByteDance has been aggressively employing for a crew centered on building a network and a platform giving cross-border payment alternatives for the organization. And two of Reuters’ resources said ByteDance experienced used for a electronic banking license in Singapore.

In July, ByteDance obtained a license for micro-lending and the enterprise is also pursuing steps to get into the on-line stock brokerage and prosperity management small business in Hong Kong.

In the U.S., ByteDance was ordered by U.S. President Donald Trump to divest TikTok in The us or get banned due to safety problems more than the way it handles individual data.