WeChat turns 10 years old. China’s beloved communications app, and Kevin’s old job, did well in 2020. GMV (Gross Merchandise Volume) on WeChat’s Mini Programs doubled compared to the previous year to a whopping $250 billion USD.

Meanwhile the Chinese government expand on their anti-trust efforts and actually provide a definition for monopoly in the digital payments sector. Under the new definition Ant Financial’s AliPay is TWICE considered to have a monopoly of the market.

Lastly, Douyin (TikTok in China), has added their own payment capabilities with Douyin Pay

LINKS:
WECHAT TURNS 10: https://techcrunch.com/2021/01/19/wechat-2020/

NEW FINTECH RULES: https://technode.com/2021/01/21/new-digital-payment-rules-likely-to-hit-ant-tencent/

DOUYIN PAY:  https://techcrunch.com/2021/01/19/douyin-e-wallet/

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