In their quarterly results announcement, Tencent revealed that its fintech and cloud services generated RMB21.8 billion (US$ 3.1 Billion) in the first quarter of 2019, a 44% year-on-year growth.

This quarter marks the first time the Chinese internet giant is disclosing the performance of it’s cloud and fintech business separately. The group attributed the growth this division to the rapidly emerging demand for digital payments and the synergy of their fintech services with the social element of WeChat.

Commenting on the quarterly results Mr. Ma Huateng, Chairman and CEO of Tencent said,

“Our payment, other Fintech services and cloud business, while still at an early stage of expansion, are now generating substantial revenues, and we are consequently disclosing their results in our new Fintech and Business Services segment, demonstrating our success in organically incubating services with long-term growth potential. We believe that we are building solid foundations for future growth in both the Consumer and Industrial Internet domains.”

The group further elaborated that their decade long efforts in social payments greatly contributed to the performance of their personal wealth management and micro-loan products.

Image Credit: Featured Image – Tencent’s Facebook Page, Pony Ma – Wikimedia Commons