FILE PHOTO: People visit Tencent’s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee/File Photo
(Reuters) – Chinese gaming and social media group Tencent Holdings has bought a 5% stake in Afterpay Ltd, the Australian buy-now-pay-later firm said on Friday.
Tencent’s shareholding in the Australian firm was worth about A$390 million ($251.55 million), based on Afterpay shares’ closing level on Friday.
The Chinese tech giant, which owns stakes in video game companies Riot Games and Supercell and has exposure to food delivery and e-commerce verticals, said had said earlier this year earlier this year it would focus more on smart retail and payment platforms in the future.
Its instant messaging platform WeChat also allows users to make payments and book flights and hotels.
“Afterpay’s approach stands out to us not just for its attractive business model characteristics, but also because its service aligns so well with consumer trends,” Tencent…
Source Reuters Tech News
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