Douyin's Payment Arm Gets New Name Approval by Chinese Central Bank
TapTechNews June 16th news, the official website of the People's Bank of China released the information publicity of the change of major matters of non-bank payment institutions (as of June 2024). The announcement shows that the People's Bank of China agreed that Wuhan Hezhong Yibao Technology Co., Ltd. (hereinafter referred to as Hezhong Yibao) change the company name to Douyin Payment Technology Co., Ltd..
This name change is conducive to the unification of the Douyin payment and the Douyin brand, which is helpful to its financial business layout and reduces the dependence on external payment platforms. At the same time, this name change meets the policy requirements (according to the regulations of the Supervision and Management Regulations of Non-bank Payment Institutions, the name of a non-bank payment institution should indicate the words payment).
TapTechNews previously reported that Hailian Jinhui released an announcement in April this year, intending to transfer its payment institution (LianDong Advantage E-commerce Co., Ltd.) to the parent company of the payment license entity of Douyin payment (Wuhan Hezhong Yibao Technology Co., Ltd.), and the transaction price is the benchmark transfer consideration of 750 million yuan + the net assets on the delivery date. After the acquisition is completed, Douyin payment supplements the bank card acceptance business license.
Wuhan Hezhong Yibao Technology Co., Ltd. was established in 2012 and obtained the Payment Business License issued by the People's Bank of China in 2014, becoming a licensed Internet payment enterprise and the first licensed Internet payment enterprise in Hubei Province. The company's qualifications include the payment business license, value-added telecommunications business license, and membership certificate of the Payment and Clearing Association, etc.
In August 2020, ByteDance, the parent company of Douyin, acquired Wuhan Hezhong Yibao Technology Co., Ltd. After having a payment license, Douyin payment officially went online on January 19, 2021 and entered the public view, and the main functions include recharge, withdrawal, transfer, and query, etc.
