BEIJING/SHANGHAI (Reuters) - ByteDance, the owner of popular short-video app TikTok, said it has acquired a Chinese third-party payment service UIPay in a bid to leverage its domestic payment capability.
ByteDance bought UIPay's operator, Wuhan Hezhong Yibao Technology Co, via an entity called Tianjin Tongrong E-commerce Co, data from the national business registration portal showed. The ownership change was made on Aug. 28.
Tianjin Tongrong is owned by Zhang Yiming, the founder and CEO of ByteDance.
"The acquisition is to supplement the existing major payment options, and to ultimately enhance user experience on our multiple platforms in China," ByteDance said in a statement sent to Reuters on Friday, without elaborating.
Established in 2012, UIPay obtained a third-party payment license from China's central bank in 2014. There were reports of ByteDance acquiring UIPay in ...
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