Tencent fintech revenue jumps to 21.8b yuan

Business | 15 May 2019 6:25 pm

Tencent Holdings (0700) said today fintech and business services revenues in the first quarter increased by 44 percent from the year before period to 21.8 billion yuan.

This was the first time the company disclosed revenues of fintech services.

This was driven by commercial payment, other fintech services such as micro-loan products, and the cloud business.

Fintech and business services revenues were broadly stable quarter-on-quarter. It was adversely affected by the absence of interest income generated from  custodian cash balances, as Tencent transferred the remaining custodian cash balances to the People’s Bank of China from mid-January onward, the company said.

Commercial payment volume increased year-on-year, driven by more transactions per user.

Monthly active merchants accepting  mobile payments services more than doubled year-on-year, benefiting consumer payment frequency and volume.

 

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