![]() The Money Packet feature also offers users a way to express good wishes among friend via its P2P (peer-to-peer) transaction with the WeChat social network. Through a social payment function called ‘Money Packet’, WeChat Pay MY users can make payments or transfer money instantly without any charges. ![]() Each WeChat account can be bound to more than one debit card while the same debit card can only be bound to one WeChat account. To enjoy the services on WeChat Pay MY, users can choose to top up their wallet balance by binding their Mastercard or Visa debit card(s) issued by banks in Malaysia. ![]() Users can enjoy the convenience of mobile payment whenever and wherever they go, without the hassle of carrying a physical debit card or cash with them. It is as simple as showing the QR code for the merchant to scan and enter the payment pin to complete the transaction.KK Super Mart is the first chain store in Malaysia to accept WeChat Pay MY. In a hurry? WeChat Pay MY’s “Quick Pay” is designed to complete transactions, quick and easy. With multiple layers of security protection for both users and merchants, some of WeChat Pay MY’s key features include: WeChat Pay MY enables users to make payment and transfer money in Malaysian Ringgit (RM) within the WeChat app - across a variety of daily online and offline payment needs, from transferring money to individuals to paying merchants such as telecom carriers, airline and bus ticket providers, restaurants, supermarkets, chain stores and more. The full integration of WeChat Pay MY with WeChat’s ecosystem will enable local businesses to engage with customers throughout their shopping journey. MALAYSIA – 21 August 2018 – WeChat, the largest social communication platform in China developed by Tencent, announced today its launch of payment features in Malaysia called WeChat Pay MY, an innovative mobile payment solution aimed at delivering local consumers a simple, secure and convenient mobile payment experience in a range of payment scenarios. Setting up a financial holding company would “involve some organizational changes” but Tencent would be able to comply and it should not impact the business, Lau added.Ĭhinese giant Tencent said it is exploring whether regulators will require it to create a financial holding company to house is fintech business.“Money Packets” with values of up to RM88.88 to be given away to users in Malaysia to celebrate the launch. The Tencent president said that the regulators are trying to “guide a healthier and more sustainable development” of the financial industry. “We are proactively engaging in that discussion.” We felt after that we should have a clearer picture on what are the criteria for inclusion into financial holding company and whether we qualify or not,” Lau said. “Recently there have been two financial holding company licenses that have been issued. Tencent’s Lau said the internet giant was watching this development closely for guidance. This month, the Chinese central bank approved the establishment of two financial holding companies. The PBOC has asked Ant Group, which is the financial technology affiliate of e-commerce giant Alibaba, to restructure as a financial holding company. ![]() In November, regulators suspended the public listing of Ant Group, which would have been the world’s largest, over regulatory concerns. WeChat has over 1.2 billion monthly active users. Tencent, via messaging app WeChat, offers services from payments to microloans. The People’s Bank of China, the country’s central bank, has long been concerned about technology companies operating banking-like services and the perceived risks that come with that to financial stability. “We have been continuously exploring the establishment of the financial holding company and looking at the regulation with respect to that and whether there is a requirement for that,” Tencent President Martin Lau said on an earnings call with media Wednesday, after the firm posted its slowest revenue growth on record.īloomberg, citing people familiar with the matter, reported that Tencent needs to place its banking, securities, insurance and credit-scoring services into a financial holding company that can be regulated like a traditional bank. ![]() The comments come after Bloomberg reported last week that Chinese authorities are considering requiring Tencent to include WeChat Pay, its ubiquitous mobile payments service, in a new financial holding company. Chinese tech giant Tencent is exploring whether regulators will require it to create a financial holding company to house is fintech business, a top executive said on Wednesday. ![]()
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