Tencent Company Background

Tencent is a Chinese public company founded in 1998, the founder, CEO and the Chairman of Tencent is Huateng Ma, as known as Pony Ma. He is doing business in creating communication application.

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Pony Ma, the Founder, Chairman, and CEO of Tencent

 Their mission statement is: “From Connecting people, services and devices, to connecting enterprises and future technologies, fostering win-win ecosystems for everyone (Tencent, 2020).” Their business models are Business to business(B2B), and Business to Consumer(B2C). The applications created by Tencent are under Communications and Social, Digital Content, FinTech Services, and Tools. What I explore the busines ethical in Tencent are under Fintech Services and Digital Content. 



Some applications under Fintech and Digital Content category own by Tencent(Tencent, 2020)

In 2000, Tencent launched QQ, which known as the best communication and socialize Software application for more than ten years, until WeChat launched in 2011 and be widely accepted by people around 2013. In 2009, Tencent Games become the largest online game platform in China, and next year, QQ’s PCU reached over 100 million. When Tencent launched Wexin, as known as WeChat, it also launched WeChat payment, which offer a brand-new way for people to pay.(FYI: Before WeChat Pay launched and widely accept, most of Chinese people will use Credit/Debit Card or Cash to make a payment. By that time, none of buyer or seller would accept apple pay or PayPal). In December of 2016, monthly active user accounts and volume of daily transactions of WeChat Pay services both exceed 600 million. In December 2018, Tencent Music Entertainment Group was listed on the New York Stock Exchange, what is more, by that time, total daily transaction volume of Tencent’s mobile payment services exceeded 1 Billion. There was a rapidly increase of daily transaction of mobile payment, in December 2018, total daily transaction volume of Tencent’s mobile payment services exceed 1 billion. While Alibaba is the one and only competitor that Tencent has on FinTech Services field.

As you may aware, Alibaba was planning on IPO on Ants Group which is also a Fintech Service that would allow individuals and startups to borrow money for whatever purposes, which the action was denied by Chinese Government’s Regulators change. The faliure of Ants Groups IPO tramas Alibaba's stock market performing in both domestic and overseas, therefore, Tencent become even stronger and hold more market shares among Chinese Stock Market in FinTech field.


Reference:

Tencent. (2020, Noveber). Tencent. Retrieved from Tencent: https://www.tencent.com/en-us/business.html

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Comments

  1. AlexisNovember 17, 2020 at 10:10 AM

    I have never heard of WeChat before. I find it interesting that it is a messenger app, like Kik, but is widely used in China and features a pay app. Do most stores in China accept Wechat Pay as a form of payment? Do they currently accept Apple pay as well? Also, I am curious to know if the app works like Samsung/Apple pay. Can users open the app and place it over the credit card machine in order to pay? If so, that is very neat! I see the list of apps that Tencent has made. Are most of those available for any smartphone? Could I download Tencent Games on my Note 10 Plus? Are Tencent apps strictly limited to China?

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    1. Peijin Li Case StudyNovember 17, 2020 at 6:19 PM

      Hi Alexis,
      Thank you for your comments!
      Yes, WeChat is a messenger app, the WeChat Pay is only a function in this app. I will say around 99% of store will accept Wechat pay, the remain 1% store do not accept most likely because the owner of the store does not have a smart phone. From my personal experience, around 5% store will accept Apple pay, but none of them will accept Samsung pay. For WeChat pay, you need to link your credit/debit card, and scan a QR code, and input your password or scan your face using your phone's camera to let the phone make sure the person trying to make the transaction is the right person. I think most of the Tencent games are availble in all the platforms, the Tencent apps are not strictly limited to China.

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