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TikTok owner backs away from fintech

TikTok owner backs away from fintech

TikTok owner ByteDance is scaling back its fintech business and selling its stock broking platform in the face of growing scrutiny from the Chinese government.

ByteDance is planning to sell its Hong Kong service Songshu Zhengquan (Squirrel Securities) and mainland China-based Haitun Gupiao, (Dolphin Stocks).

Unlike other big Chinese tech players, ByteDance had never seen fintech as a major part of its business and is instead focused on areas such as e-commerce and gaming, according to Reuters.

The firm does operate a mobile payments service for Douyin, the Chinese version of TikTok, but users can also pay with Alipay and WeChat Pay.

The decision to pull back from fintech comes as China steps up oversight of tech firms moving onto financial services. Ant Group's planned $37 billion IPO was derailed late last year by the tighter restrictions.

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