ByteDance’s Zhang sets up educational fund

ByteDance founder Zhang Yiming has set up an education fund of RMB 500 million ($77.4 million) in his hometown in Longyan, Fujian province. The Fangmei Educational Development Fund, named after Zhang’s grandmothers, aims to provide vocational training and informational technology equipment to local schools. (Longyan Education Bureau, in Chinese)

Biden revokes TikTok, WeChat ban

US President Biden revoked a Trump administration ban on Chinese-owned apps TikTok and WeChat in an executive order on Thursday. Instead, Biden ordered a broader review of apps controlled by foreign countries to determine whether they pose a security threat to the US. The new policy could lead to an even broader crackdown on Chinese-owned…

Tencent registers trademark for loan service

On May 28, Tencent applied to register a trademark named Fenfu, which roughly translates into “installment payments.” Chinese media report that Fenfu will be Tencent’s equivalent to Ant Group’s Huabei, a virtual credit card service. Fenfu users will be able to borrow funds for retail transactions and pay back in installments. (Payments World, in Chinese) 

Regulators summon fintech firms

Four Chinese government agencies including the country’s central bank and top securities regulator on Thursday summoned the fintech branches of 13 Chinese tech companies including Tencent, Baidu, Bytedance, and Didi Chuxing. The firms were told to take actions to prevent monopolies and the “disorderly expansion of capital.” (Xinhua, in Chinese)