WeChat Contributes $70 Billion towards the Development of Fintech such as Blockchain and AI

Tencent Holdings is planning to boost China’s blockchain technology. This is one of the ways it is using the $70 billion earmarked for Fintech development.

Tencent Holdings, a major technology company in China, will be working on Fintech development from now till the next five years with the allocated fund of $70 billion (500 billion yuan). Areas to benefit from this include blockchain, AI and cloud computing.

Tencent has been encouraged to do this following the recent approval of blockchain by the Chinese government. Tencent is the company behind the existence of the WeChat messaging app.

Tencent strategies will include investing in 5G network, Internet of Things (IoT) operating systems, data centers and much more.

Pandemic creates more interest of blockchain in China

Tencent is of the opinion that blockchain companies have started given more attention to cloud-based technology due to the recent pandemic caused by the corona virus.

Dowson Tong, a top officer in Tencent, believes that this recent development is good and can put the pandemic to an end.

Tencent’s financial contribution towards the development of blockchain in the country is as a result of the pledge it made some time ago that it will do whatever it can to boost Fintech in China.

Chinese government chooses blockchain

Before now, Tencent had applied to 30 different places to promote its recently discovered “Tencent Industrial Accelerator.”

With an eye for blockchain development fund which the government is seriously interested in, blockchain in China may soon be the best in the world.

Now that the Chinese government has shown its interest, different provinces are encouraged to support blockchain in their own little ways. For instance, Anhui has just started a blockchain platform for the provision of government’s services.

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