(Yicai Global) Sept. 3 -- ByteDance founder Zhang Yiming is now listed as the owner of online payment firm Wuhan Hezhong Yibao Technology, the 21st Century Business Herald reported today, citing corporate data platform Qixinbao.

Tianjin Tongrong E-Commerce, which is controlled by Zhang, took over the entirety of Hezhong Yibao’s shares on Aug. 28, supplanting original shareholder Zhongfa Industrial Group, it said.

The move will give the tech giant, which has recently been making news headlines across the world due to the enforced sale of its short video platform TikTok's US business by the US government, a much sought-after license to carry out mobile payments. Wuhan-based Hezhong Yibao was the first licensed digital payment firm in central Hubei province.

ByteDance has been positioning itself discreetly in the mobile payment field since 2018 and started to apply for a series of payment trademarks last April. It is setting up a global payment platform in Singapore, according to the company’s recruitment posts which show it is looking for managers and software engineers. It also obtained an online microfinance license through the acquisition of Shenzhen Zhongrong Microfinance in July.

Beijing-based Bytedance has yet to respond to the 21st Century Business Herald’s queries.

Editor: Kim Taylor