ByteDance, the Chinese firm that at least for now owns all of TikTok, has purchased a Chinese payments company, Reuters reported Friday (Sept. 4).
ByteDance said it purchased payment service UIPay “in a bid to leverage its domestic payment capability,” the news service reported.
Citing data from a Chinese government business-registration database, Reuters reported that ByteDance made the acquisition by using an entity called Tianjin Tongrong E-commerce Co. to buy UIPay owner Wuhan Hezhong Yibao Technology Co. last week.
“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, according to the news outlet.
UIPay was established in 2012, according to the report.
Citing job postings on LinkedIn, Reuters said ByteDance is seeking to build an international cross-border payments platform.
In another expansion of its business, ByteDance reportedly applied in Singapore in June for an international banking license.
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