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China-based IT giant ‘Tencent Holdings’ is most likely to invest approximately about $70 billion in fintech space, such as blockchain, artificial intelligence (AI) and cyber security.
WeChat messaging app is the prime brand who intends to bolster the development of fintech in the region.
Of late, on the back of the Chinese government embracing of blockchain, Tencent seems to be expanding business services. As a result, the investment flow in Internet of Things (IoT) operating systems, 5G networks, and large data centres, among others as per reports.
Moreover, deadly pandemic circumstance is luring with opportunities in blockchain interest in China. They said that the COVID-19 crisis had been a critical factor motivating companies to develop their cloud-based technology infrastructure.
According to Dowson Tong, senior executive vice president of Tencent, expediting this new infrastructure strategy “will help further cement virus containment success.”
On April 13th, Tencent Cloud unveiled an international anti-COVID-19 service package to help support the global fight against the pandemic. The package will help companies, medical institutions and governments worldwide tackle the unique challenges presented by COVID-19. This is the latest step taken by Tencent to assist in the global campaign against the pandemic, beginning with the establishment of a US$100 million global anti-COVID-19 fund and the rollout of a global COVID-19 information platform.
