Created in China, the subsidiary is called Zitiao Commercial Factoring Company. The launch of this subsiiary signals that ByteDance is laying the building blocks for its fintech segment. The firm could be very helpful for ByteDance once the company decides to offer micro loans.
ByteDance has been eyeing the finance sector before. The company’s attempt to establish a micro loan company failed in 2017. The firm finally gained an online payment license by acquiring a China-based company in the third quarter of 2020.
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