Huawei has obtained a coveted Chinese nonbanking payment license, giving the embattled tech giant a foothold in a fintech sector dominated by Tencent and Ant Group as those firms grapple with regulators, reported Caixin.
Huawei obtained the permit by acquiring an existing license holder, a common maneuver, by purchasing Shenzhen payments firm Xunlian Zhipay on Thursday from Shanghai Woruiou Information Technology. A Huawei spokesperson on Monday confirmed the deal but did not disclose its terms.
“Huawei made this acquisition with the goal of offering a wider range of secure, easy-to-use smart services to enrich people’s digital lives in all possible scenarios,” a spokesperson for the firm told Caixin.