WeChat Pay Operator Approved to Raise Registered Capital to 15.3 Billion Yuan

What’s new: The People’s Bank of China has given Tencent Holdings Ltd.’s payment arm approval to raise its registered capital to 15.3 billion yuan ($2.1 billion), according to the central bank’s updates on Friday.

This will make Tenpay Payment Technology Co. Ltd. (财付通支付科技有限公司) the country’s largest nonbank payment provider by that measure.

The approval increases the amount of capital that investors in the operator of WeChat Pay, one of China’s ubiquitous online payment platforms, can commit to the company.