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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
Advertisement
ALSO READ
U.S.-China Rare Earths Deal Nears Completion
Germany Seeks to Navigate Trade Tensions with China
U.S. Eyes Thanksgiving Deadline for Rare Earths Deal with China
China's Bomber Formation Patrols: A Bold Warning in the South China Sea Dispute
China Fast-Tracks Shenzhou-22 Mission to Address Space Station Challenges

