“You can no longer lose sight of what is happening in the east.”įarzam spoke about the difference in regulation between China and Europe, and how it contributes to the former’s exponential growth in tech. “Today, there are 800m people using internet in China,” she said. ![]() Within seconds of walking on to the stage, Farzam showed the Inspirefest audience why China has become the world’s fintech leader through incontestable numbers of internet users and e-commerce consumers. “It is changing the financial sector the way the internet changed the written press.”Īs the co-founder of Hong Kong’s biggest start-up community, a French foreign trade adviser, founding board member of the Fintech Association and mentor for several accelerator programmes, Farzam knows what she’s talking about when it comes to fintech. “Fintech is anywhere where technology is used in financial services,” she began. On the second morning of Inspirefest (22 June), Karen Contet Farzam catapulted the audience into the future and explained what it will look like with the help of fintech. “But why do you still get ads what you have just said on WeChat? There are many other channels that process your information, not just WeChat.Karen Contet Farzam blew the Inspirefest audience away with facts and figures that left them in little doubt about a cashless future. But we don’t do that, so WeChat cares a lot about user privacy,” asserted Zhang. “If we analyze, we can bring great advertising revenue to the company. It’d be a tiny project given Tencent’s colossal size, but the project reflects Zhang’s belief in “privacy protection,” despite public skepticism about how WeChat handles user data. Zhang also announced the WeChat team is weighing up an input tool for users. He didn’t disclose the performance of short videos because “the PR team doesn’t allow” him to, but said that “if we set a goal for ourselves, we will have to achieve it.” Zhang went to great lengths to talk about WeChat’s nascent short-video feature, which is somewhat similar to Snap’s Stories. ![]() The one-day event concluded with the much-anticipated appearance of Allen Zhang, WeChat’s creator. Its biggest rival, Dingtalk, operated by Alibaba, reached 155 million daily active users last March. WeChat’s enterprise version has surpassed 130 million active users. The score, WeChat said, helped users save more than $30 billion in deposits a year. Like Ant’s Sesame Score, the rating system works more like a royalty program, “designed to build trust between merchants and users.” For instance, people who reach a certain score can waive deposits or delay payments when using merchant services on WeChat. WeChat reiterated at this year’s event that the WeChat score does neither of that. WeChat said 240 million people have used its “payments score.” When the feature debuted back in 2019, there was speculation that it signaled WeChat’s entry into consumer credit finance and participation in the government’s social credit system. ![]() The virtual conference also unveiled a set of other milestones from China’s biggest messaging app, which surpassed 1.2 billion monthly active users last year.Ĭhina’s search giant Baidu to set up an EV-making venture It hasn’t recently disclosed how many third-party lite apps it houses, but by 2018 the number reached one million, half the size of the App Store at the time.įrom Tencent’s strategic perspective, the growth in mini program-based transactions helps further the company’s goal to strengthen its fintech business, which counts digital payments as a major revenue driver.Ī big proportion of WeChat’s mini programs are games, which the app said exceeded 500 million monthly users thanks to a boost in female and middle-aged users, as well as players residing in China’s Tier 3 cities, WeChat said. WeChat introduced mini programs in early 2017 in a move some saw as a challenge to Apple’s App Store and has over time shaped the messenger into an online infrastructure that keeps people’s lives running. To compare, e-commerce upstart Pinduoduo, Alibaba’s archrival, saw total transactions of $214.7 billion in the third quarter. That is double the value of transactions on WeChat’s mini programs in 2019, the networking giant announced at its annual conference for business partners and ecosystem developers, which normally takes place in its home city of Guangzhou in southern China but was moved online this year due to the pandemic. The Chinese messenger facilitated 1.6 trillion yuan (close to $250 billion) in annual transactions through its “mini programs,” third-party services that run on the super app that allow users to buy clothes, order food, hail taxis and more. WeChat continues to advance its shopping ambitions as the social networking app turns 10 years old.
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