Strategic investment

Tencent doubles down as it continues to expand into fintech

It has set up a joint venture with CICC to develop fintech for wealth management and invested in a UK-based blockchain company.

Tencent's push into fintech continues apace with two new investments announced on Tuesday.

The internet giant led a $20 million Series A fundraising in UK-based blockchain company Everledger and announced a $70 million joint venture with China International Capital Corp CICC to develop fintech for wealth management.

Perhaps better known for its gaming prowess, Tencent has been diversifying into fintech and business tech services with some success, as its last quarterly results show. But it is some way behind Alibaba and its affiliate Ant Financial, with its constantly-improving payment ecosystem. And with the development of fintech now seen...

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