TikTok Ventures into Finance with 'TikTok PayLater' During Shifts in Chinese Billionaire Ranks
Oct/30/2024
On October 22, TikTok Ltd. filed a U.S. trademark for 'TikTok PayLater', indicating a expansion into digital financial services. This trademark encompasses downloadable software for payment management, including credit and debit card configurations, in-store payment processing, and financial transaction reporting, alongside merchant services like no-code payment solutions. TikTok founder Zhang Yiming, who now ranks as China’s wealthiest individual with an estimated net worth of $49.3 billion, leads ByteDance, which reported a 30% increase in turnover to $110 billion last year. The Hurun China Rich List reveals Zhang’s ascent past bottled water mogul Zhong Shanshan, and Tencent’s Pony Ma holds third place. Despite China’s challenging economic landscape, the consumer electronics sector remains resilient, with notable gains by Xiaomi’s Lei Jun.
