Byte Dance says it will downsize fintech business, plans to sell stock broker ops

Beijing: Beijing-based Byte Dance, the owner of Tik Tok, announced on Wednesday that it will lower prices and plans to sell its products due to Chinese strength in the financial (fintech) sector. China recently launched a fintech subsidiary that led companies to set up firms if they meet the requirements. He will take steps earlier this year to force the claims.

According to sources, Byte Dance is not at the forefront of expanding fintech and views websites that include e-commerce and games as new games for growth.

Byte Dance is also partnering with Douyin Pay, the third-largest mobile phone service provider, to enable people to accelerate e-commerce transactions on Douyin’s video platform Tik Tok China. On the other hand, two Chinese from other mobile phone agencies – Ant’s Alipay and Ten cent Holdings ’We Chat Pay – were also present in Douyin.

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