Alibaba and Ant Financial jointly announced earlier this month that the Chinese e-commerce conglomerate would purchase a 33 percent stake in the latter.
Chinese authorities worried that a large armada of online lenders would leverage Tencent’s credit-scoring services to market suspicious financial products.
Founded 10 years after the introduction of AliPay, WeChat Pay surpassed the powerful incumbent by introducing Lucky Money and secured its position as the mobile payment leader.
