WeChat owner Tencent Holdings will allocate almost US$70bn into FinTech development.
This will be invested over the next five years.
It’s set to include blockchain, cloud computing and AI technologies.
This is in part a response to the Chinese government’s new interest in blockchain.
What does this mean?
Tencent has stated it hopes to strengthen the development of FinTech across China as a whole. Citing the Covid-19 crisis and digital services as a way to “help further cement” containment, the company is also investing more generally in digital transformation – including 5G, Internet of Things and data centres to expand its business services.