Chinese tech giant Tencent has just released its financial reports for the fourth quarter of last year and full year 2019, showing a robust rise in the importance of its fintech operations.
Tencent reported full year net profits of 93.31 billion yuan in 2019, for a YoY increase of 19%.
Tencent’s Q4 revenues were 105.8 billion yuan, while its fintech and corporate services revenues saw YoY growth of 39% to reach 29.9 billion yuan, accounting for 28% of total revenues that quarter.
Full year revenues were 377.289 billion yuan, while fintech and corporate services revenues posted YoY growth of 39% to reach 101.4 billion yuan accounting for 27% of the total.
Fintech and enterprise services are currently Tencent’s second largest revenue source.
Tencent’s financial reports further indicate that in the fourth quarter the tech giant processed over 1 billion commercial payments transaction per day on average. Monthly active accounts exceeded 800 million, while monthly active vendors were over 50 million in total.
The huge volume of payment activity is due to the immense popularity of Tencent’s social media platforms. In 2019 WeChat had monthly active accounts of around 1.164 billion, for YoY growth of 6.1%.
Tencent said that in future it would provide more fintech products and services to its users, and continue to strengthen the stability of its fintech platforms via upgrades to basic infrastructure.
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