Tencent Posts 22% Rise in First Quarter Fintech Revenues Despite COVID-19

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Chinese tech giant Tencent saw a robust rise in revenues in the first quarter of 2020 despite the spread of the COVID-19 pandemic.

Tencent’s first quarter report points to total revenues of 108.065 billion yuan in the first quarter, for a YoY rise of 26%.

Fintech and corporate services revenues rose 22% YoY to reach 26.475 billion yuan.

Fintech saw a strong performance on the back of ongoing rises in payments and wealth management platform revenues, becoming a new growth point for Tencent.

While the COVID-19 pandemic had an impact on payments operations in the first quarter, the profitability of wealth management platforms and loans saw continued strong growth.

By the final week of April, Tencent reports that the daily commercial transaction sum for its fintech operations had returned to levels at the end of 2019.

Tencent points out that its services played a key role for Chinese citizens during the COVID-19 pandemic, with WeChat Pay providing a “green channel” for over 400 healthcare institutions, covering payments and settlement services and administrative fee collection.

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