Market updates

1.       In September, ByteDance, the parent company of Tik Tok and Douyin, gained its payment license, meaning that it can develop its payment business like Alipay and WeChat Payment. Sources from BiteDance imply that this payment business mainly serves the future e-commerce business in BiteDance, and Douyin has founded an e-commerce department, meaning E-commerce business in China will welcome the entry of another tech giant.