Tencent

Chinese regulators have been confronting the boom in digital finance this year and released torrents of new rules, designed to get a firmer grip on the country’s financial system.

Tencent Music Entertainment participated in the deal.

Domestically, the gaming industry reported a 20.7% jump in total income for the year.

Chinese tech firms JD.com, Meituan, and Didi have also been trying to persuade their users to ditch WeChat Pay and Alipay.

“The internet industry is not a place outside the anti-monopoly law,” said the State Administration for Market Regulation.

An “offline wallet” function will enable mobile payments without the need to be connected to the internet.

Regulators reportedly reached out to the leasing firms Ziroom and 5i5j, as well as China Construction Bank to explore if they can take over Danke’s business.

The Hangzhou-based internet giant also owns a minority stake in the Netease Cloud Music service.