Payments

Token sales are set to begin later this year.

Short-video company targets e-commerce for growth, in defiance of leader Alipay.

In Vietnam, use of cashless payments surged more than 500% in the first six months of 2020, compared to the same period in 2019.

The investment comes shortly after the Ant Group-backed firm saw a 254% year-on-year growth in transactions in 2020.

Regional investors have also set their sights on Myanmar’s fintech market where 80% of the country’s 55 million people are unbanked.

Proposed reshuffle includes under-fire lending and insurance platforms.

Meituan has been criticized by regulators in Beijing for monopolistic practices before, notably for exploiting merchants with coercive exclusivity agreements.

Tech giants feel a new chill with heightened scrutiny on monopolistic practices.