Owned by Tencent, one of China's biggest companies, the chat-meets-payment app has more than 1. Chinas Ministry of Industry and Information Technology (MIIT) said on Wednesday that 43 apps, including Tencent Holdings Ltds (0700.HK) WeChat, were found to have illegally transferred user data. It’s hard to say precisely what the impact will be, but the sheer scope of the company’s investments shows how ugly things could get. Chinese cyberspace is one of the most surveilled and censored in the world. President Trump's order invokes the International Emergency Economic Powers Act to prohibit “any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States, with Tencent Holdings Ltd, or any subsidiary of that entity, as identified by the Secretary of Commerce.”Īny business with a Tencent ownership stake is potentially implicated since an abrupt departure of Tencent from the market could throw their financial situations into chaos in the midst of a global economic crisis. Within China, there is no expectation of privacy nor does Tencent make any persuasive pretense of providing privacy.
WeChat is deeply embedded in China’s various systems of censorship and surveillance, and there are real security concerns for the minority of users outside China. Many companies large and small are run almost entirely through it its immense footprint involves an estimated 1 billion users in China. WeChat is the dominant chat app in China and a ubiquitous tool for payments, shopping, and business transactions. However, we won’t know until September 20 which “transactions” are actually prohibited - for instance, whether it applies to money sent through WeChat or whether it will apply to money transferred between Tencent subsidiaries. The executive order is intended to target WeChat specifically. According to Bloomberg, Tencent is also the 10th. to become the most valuable company in China. President Trump's order made those ownership connections much more dangerous, even if they fall outside the narrow legal consequences of the order.Īs Tencent responds and its business partners are forced to choose sides, the consequences could be far broader than the White House realizes - and far more damaging to the average consumer. (Tencent) has just edged past telecoms giant China Mobile Ltd. It owns portions of Snap, Blizzard, Spotify, among others, making it deeply embedded in the global tech industry. Tencent is bigger than TikTok owner ByteDance, with vast ownership stakes in video game studios, music companies and social media apps.
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Listen Why is Chinas beauty business under revolution by Tencent & WeChat in 2020 song online free on. It has very close ties to the ruling Chinese Communist Party, which helped fund the creation of the WeChat app. Play Why is Chinas beauty business under revolution by Tencent & WeChat in 2020 Song by TRL Group from the English album TRL Podcasts - season - 2021. It was not clear what triggered the companies' moves but social media platforms have been instructed by Chinese regulators to increase policing of what is posted on their sites as Beijing further tightens controls over its cyberspace.Tencent is one of the largest tech companies in the world and a powerhouse in China. read moreĭouyin, a ByteDance subsidiary and the Chinese equivalent of TikTok, said in a statement on Friday that it had also added a similar setting to user accounts. WeChat's notice came only a day after Weibo, another popular Chinese social media platform, introduced the same settings permanently after more than a month of testing. Its location function will apply to these public posts.įor example, as of Friday, comments left by users on some of these posts showed which province they were posted from. In addition to its private messaging service, WeChat also allows users such as companies and bloggers to create official accounts where they can publish articles accessible to public.
WeChat, which has more than 1.2 billion monthly users, said in a notice that the move targeted misinformation relating to "domestic and overseas hot-topic issues", without elaborating.
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