Recent financial holding company rules have already prompted a sweeping restructuringat rival Ant, which operates the payments-to-wealth management Alipay app. It's part of the central bank's long-standing campaign to rein in systemic risk from online platforms that, until a few years ago, flourished outside of the country's tightly regulated financial sector.
founder Jack Ma controversially hived off Alipay from the e-commerce group in 2011. Tencent's payments service, though, is embedded in its crown jewel, WeChat, a super-app crucial to life and business inside China. Any restructuring efforts will have to factor in how disruptive it will be for 1.3 billion monthly active users and potentially millions of merchants.
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