Chinese Tech Giant Tencent Allocates $70 Billion Fintech Development

Jyoti  |  May 28, 2020

Tencent Holdings, a Chinese tech giant, has decided to allot around $70 billion in fintech development for the next five years.

On May 26, Reuters reported that the supporter of WeChat messaging app i.e., Tencent, would enhance the fintech development in China. It is to be noted that this decision by the Tech Giant came after the Chinese Government adopted the blockchain technology.

Tencent’s Future Investment

In order to expand its business, the Chinese tech giant has decided to invest in 5G networks, operating systems of the Internet of Things (IoT) and some of the large data centres.

Tencent mentioned that currently most of the companies are working on developing their cloud-based infrastructure and the  COVID-19 is one of the main factors behind this.

The senior executive vice president of Tencent, Dowson Tong, has recently said, “Expediting this new infrastructure strategy will help further cement virus containment success”.

Tencent has developed its financial support for blockchain technology on its strategic moves which would cement the presence of tech giant in the development of blockchain across China.

Registration Open For Tencent Industrial Accelerator

A report published on April 30, 2020, mentioned that Tencent launched its ‘Tencent Industrial Accelerator’ for early-stage and mature blockchain startups and this accelerator is currently available in 30 places only.

The report further stated that the application for the accelerator would be accepted by the company till June 06, 2020. The company notified that if any projects want to get the blockchain accelerator then it should have at least one financing round.

On May 24, the political parties of China i.e., The National People’s Congress and Chinese People’s People Consultative Conference suggested that to create a better governance system in the country they could use a blockchain development fund which would be supported by the government.

Some of the parts of China are developing their interest in blockchain technology, Anhui is one of them. Recently, Anhui has introduced a blockchain platform which would provide its services to the government.

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