Douyin Pay is here, the People's Bank of China approves the name change of Hezhong Yibao

According to news from this site on June 16, the official website of the People's Bank of China released information on major changes in licenses for non-bank payment institutions (as of June 2024). The announcement shows that the People's Bank of China agreed to change the company name of Wuhan Hezhong Yibao Technology Co., Ltd. (hereinafter referred to as "Hezhong Yibao") to "Douyin Payment Technology Co., Ltd." .

This name change is conducive to the unification of Douyin expenditures and Douyin brand, helps its financial business layout, and reduces the burden on external payment platforms. rely. At the same time, this name change complies with policy requirements (according to the "Regulations on the Supervision and Administration of Non-bank Payment Institutions", the name of a non-bank payment institution should be marked with the word "payment").

This site previously reported that Hailian Jinhui announced in April this year that it plans to transfer its payment institution (Union Advantage E-Commerce Co., Ltd.) to the Douyin payment licensee (Wuhan Hezhong Yibao Technology Co., Ltd.), the transaction price is the base transfer consideration of RMB 750 million + net assets on the delivery date. After the acquisition is completed,

Douyin Pay completes the bank card acquiring business license.

Wuhan Hezhong Yibao Technology Co., Ltd. was established in 2012. In 2014, it obtained the "Payment Business License" issued by the People's Bank of China. Became a licensed Internet payment company and the first licensed Internet payment company in Hubei Province. The company's qualifications include a payment business license, a value-added telecommunications business license and a payment and clearing association membership certificate.

In August 2020, ByteDance, the parent company of Douyin, acquired Wuhan Hezhong Yibao Technology Co., Ltd. After obtaining a payment license, Douyin Pay was officially launched on January 19, 2021, entering the public eye. Its main functions include recharge, withdrawal, transfer and inquiry, etc.

▲ Wuhan Hezhong Yibao Technology Co., Ltd. provided by Douyin payment official website Certificate

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