The biggest social network and gaming firm that’s China-based, the Tencent Holdings that reported about the forecast on beating quarterly results, is way close in making Malaysia the first foreign country in turning out its WeChat eco-system, as told by an executive to Reuters.
Tencent has also made a quantum leap to gain e-payment license for local transactions in Malaysia, and also planning its launch next year that was said in an interview by the senior Vice President S.Y. Lau.
Lau said that Malaysia is much large in that sense as it won 20 million users on WeChat, which is potentially huge, and towards internet products from the China the market is also quite warm.
The shift trenches Shenzhen-based Tencent against the rival Alibaba Group as they clamber for new opportunities on growth outside of China. On Tuesday Tencent became the first Asian firm in making entrance to the club of companies bearing a market value of over $500 billion, and surpasses that Facebook.
East Asia that’s home to some of the fastest growing economies of the world, and also to 600 million people, have a key battlefield on tech titans fighting for deals of China. The Ethnic China makes more than a fifth of the population of Malaysia.
As per analysts say that there’s one challenge that China has to face is that its achieved success can’t be exported to other markets so easily. Tencent is not in any rush in boosting up its overseas expansion or raise the rate of monetization of its digital assets, as stated by Lau.
He said that they walk on their own path at their own pace and honestly speaking there’s a lot to be done for China.
WeChat that has blossomed from a messaging app to over 900 million active participation of user in an all-in-one platform could be the blasting-product for spearheading its expansion in foreign countries. Lau said that this is so as the embedded payment function attracts more services.
Lau also said that the main motive was to export culture from China to the rest of the world than the reverse process.