China's Internet giant Tencent disclosed in an internal letter that it will establish a new business unit focusing on payment basic platform and financial applications.
The company is to appoint Lai Zhiming as general manager of the new business unit, which involves payment platform, wealth management platform, financial data application, risk management, as well as financial cooperation and policies.
Lai is also the general manager of Tencent's wholly-owned subsidiary, Tenpay Payment Technology Co., one of China's leading one-stop online payment platforms. Tencent aims to create an ecosystem to deeply integrate with the financing industry and offer better user value to meet their demands.
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