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Mobile Payments

Tencent invests in mobile payments company Uala

Friday 26 April 2019 | 10:29 AM CET

Tencent has announced an investment in Argentina-based mobile payments company Uala with the aim to increase financial inclusion in Argentina.

The company joined previous investors Goldman Sachs, George Soros and Steve Cohen, in helping Uala to develop in South America’s second-largest economy.

Uala sees potential in the country, having issued more than 500,000 prepaid cards by December 2018. The company is said to start lending through its mobile app later in 2019.

Earlier in November 2018, Tencent announced that it would team up with Japan-based chat app operator LINE for mobile payment services in Japan.

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