Tencent Buys a 5% Stake in Afterpay

The Chinese tech giant Tencent has purchased a 5% stake in Afterpay worth A$390 million (US$252 million) according to the latest share price; Afterpay is an Australian-based buy-now-pay-later provider that allows payment for goods at retail in interest free installments; Tencent has a prolific investment arm and they had said earlier this year that they would focus more on smart retail and payments platforms in the future; Tencent’s Chief Strategy Officer, James Mitchell, said, “Afterpay’s approach stands out to us not just for its attractive business model characteristics, but also because its service aligns so well with consumer trends”. Reuters