Chinas

China’s major state banks start internal testing of digital wallet application: media

FILE PHOTO: The headquarters of the People’s Bank of China, the central bank, is pictured in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee

SHANGHAI (Reuters) – China’s major state-run commercial banks are conducting large-scale internal testing of a digital wallet application, moving a step closer to the official launch of a home-grown digital currency, the 21st Century Business Herald reported on Thursday.

The state-backed newspaper cited sources saying employees at state banks in cities including Shenzhen have started internally testing the app to transfer money and make payments.

The move is in line with a key task for the second half of this year set by the People’s Bank of China (PBOC), which in statement on Monday said the country should actively and steadily promote the development of a state digital currency.

In April, the PBOC’s digital currency

Read More

Tencent to consolidate China’s Twitch-like services Douyu and Huya: sources

FILE PHOTO: People take pictures of the Huya Inc. logo ahead of the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., May 11, 2018. REUTERS/Brendan McDermid

HONG KONG (Reuters) – China’s biggest video game and social media company Tencent Holdings (0700.HK) is driving a merger of Twitch-like game streaming platforms Douyu (DY8Ay.F) and Huya (HUYA.N), as it seeks to consolidate its dominance in the industry.

Tencent, which is already Huya’s biggest shareholder and also owns over a third of Douyu, has been pushing the deal for months, four sources familiar with the situation told Reuters.

Tencent seeks to control or at least become the biggest shareholder of the merged entity, the sources added. Huya and Douyu are ranked No. 1 and No. 2, respectively, as China’s most popular video game streaming sites, where users flock to watch esports tournaments

Read More

China’s ByteDance to consider international HQ for TikTok, outside U.S.

LONDON (Reuters) – Chinese tech company ByteDance said on Monday it was considering moving the headquarters of its TikTok video sharing platform overseas, following a British media report that the unit could relocate to London.

FILE PHOTO: The logo of Bytedance, the China-based company which owns the short video app TikTok, or Douyin, is seen at its office in Beijing, China July 7, 2020. REUTERS/Thomas Suen/File Photo

TikTok is under heavy fire from U.S. President Donald Trump and other American politicians over concerns that it poses a national security risk, and Microsoft (MSFT.O) has emerged as a possible buyer of TikTok’s U.S. operations.

Britain’s Sun newspaper reported on Monday that ByteDance’s founders would soon announce their intention to set up shop for TikTok in London, where other tech majors such as Google (GOOGL.O) and Facebook (FB.O) have a strong presence.

Asked about the report,

Read More

Microsoft says in talks to buy TikTok’s U.S. operations from China’s ByteDance

BEIJING/SHANGHAI (Reuters) – Microsoft Corp (MSFT.O) said it will push ahead with talks to acquire the U.S. operations of Chinese-owned short-video app TikTok, a potential blockbuster deal that could re-shape the social media industry and further inflame crumbling U.S.-China relations.

People walk past the Bytedance headquarters building in Beijing, China August 3, 2020. REUTERS/Carlos Garcia Rawlins

The U.S. tech giant formally declared its interest on Sunday after President Donald Trump reversed course on a planned ban of Tiktok and gave the two firms to 45 days to come to a deal.

The proposed acquisition of parts of TikTok, which boasts 100 million U.S. users, would offer Microsoft a rare opportunity to become a major competitor to social media giants such as Facebook Inc (FB.O) and Snap Inc (SNAP.N).

Microsoft, which also owns professional social media network LinkedIn, is also seeking to buy TikTok’s Canadian,

Read More