Tencent has made a “breakthrough” in obtaining an electronics payment license in Malaysia that would allow local users link their bank accounts to WeChat Pay and make payments in ringgit, senior vice president S.Y. Lau told Reuters. Tencent applied for the license in July and expects to launch the full ecosystem in Malaysia early next year, making it the first country outside China to operate the full WeChat system.

This comes as a surge in Tencent’s shares see the company surpass Facebook to become the world’s fifth most valuable firm behind Apple, Alphabet, Microsoft and Amazon.

“Malaysia is actually quite large in the sense that we have 20 million WeChat users, huge potential, and the market is quite warm towards internet products from China,” Lau said in the interview with Reuters.

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Frank Hersey

Frank Hersey is a Beijing-based tech reporter who's been coming to China since 2001. He tries to go beyond the headlines to explain the context and impact of developments in China's tech sector. Get in...