bytedance chinese tiktok china wechat pay

Bytedance chinese tiktok china wechat pay professional#

First, his expertise in the so-called “recommendation systems” that have been implemented by many services-including ByteDance in its news aggregator app-from Amazon, Netflix to YouTube, to use an algorithm to recommend anything from something to read, to watch, or to buy to their customers. In early 2018, ByteDance turned to Gu Wendong, the former vice president of the big data innovation center at Chinese fintech giant CreditEase, to rejig its efforts.

Bytedance chinese tiktok china wechat pay professional#

It claimed to be a stock analysis tool that uses machine learning and big data to capture and alert traders about price signals and market-moving news.īut the app attracted few users, outshined by more professional financial information services like iFind and a rival stock quotes and news app developed by Tencent. The app was eventually launched in 2017 under the name Ximei Gupiao, meaning rare magnesium stocks in Chinese. Recruitment notices posted that year by Toutiao touted open positions for interested financial analysts and experts in areas such as risk and consumer finance. If the service is successfully launched, it is likely to pose a challenge to the duopoly held on the mobile payment market by Alibaba via its affiliate Ant Group and Tencent’s WeChat Pay, even as their market power faces growing scrutiny from regulators.īyteDance’s foray into financial services could trace back to six years ago, in 2015, when a team was carved out of its finance department to work on a stock market tracking app that was billed as a complement to its news aggregator and sharing platform Toutiao. China’s digital payments industry is potentially facing its next major shakeup.īyteDance, the Beijing-based tech giant which owns social media apps like TikTok and its Chinese equivalent Douyin, has been developing a financial service and online payment platform modeled after Alibaba’s Ant Group, with preparations nearing an advanced stage, local news outlet Tech Planet recently reported.Ī former ByteDance employee with knowledge of the firm’s plans told Tech Planet, on condition of anonymity, that development of the three core components of the platform, including payment processing, insurance selling, and securities trading, has been completed.