UPDATE 1-Douyin's payment arm investigated for alleged rule breach, Caixin reports

Douyin Pay, the online payment arm of the Chinese version of TikTok, is under investigation for an alleged rule breach, Chinese financial media outlet Caixin reported on Wednesday, citing sources familiar with the matter.

Douyin Pay is suspected of opening payment accounts for financial institutions and other entities engaged in financial businesses, a practice deemed illegal by China's central bank, Caixin said. Bytedance, owner of Douyin, did not immediate respond to a request for comment.