ByteDance launches Douyin Pay, its proprietary digital wallet that puts the company in direct competition with other Chinese tech giants. A bitter return to the public arena for millionaire Jack Ma, after months of low profile.
ByteDance, the company that owns Tik Tok launches its digital payment system, Douyin Pay, to challenge the mobile payment giants Alibaba and Tencent. The development of Tik Tok in the direction of totally independent e-commerce is thus accelerated further, after the removal of links to third-party shops in October. A gauntlet thrown at Jack Ma just in conjunction with his return to the public scene, after two months of absence followed by critical comments addressed to the financial regulators of the government, which was followed by the blocking of the IPO of Ant Financial, an e-banking company of the Alibaba group. The reappearance of the famous businessman caused a boom in the company’s stock prices, which rose by almost 9% on Wednesday. (Caixin , Caixin )
