WeChat Operator Tencent Sets Aside $70bln for Blockchain, Cloud & AI Development

China based tech enterprise Tencent Holdings is setting aside roughly $70 billion (500 billian yuan) over the forthcoming five years for financial technology advancement, including cloud computing, blockchain and artificial intelligence (AI).

The company, behind the WeChat messaging app, intends to expedite the advancement of fintech sector across the country, following the adoption of blockchain technology by the Chinese government in recent times.

In an attempt to widen its business services, Tencent is investing in 5G networks, large data centers and Internet of Things (IoT) operating systems, among others.

The tech firm stated that the Covid-19 issue had been a major factor encouraging enterprises to build their cloud-based technology framework.

As per Dowson Tong, senior executive vice president of Tencent, speeding up the latest infrastructure strategy “will help further cement virus containment success.”

Tencent’s financial aid for blockchain technology is one among the initiative to glue its presence in blockchain advancement across China. Tencent also has 30 openings for “Tencent Industrial Accelerator,” positions.

Notably, on Monday, China’s Parliament, National People’s Congress and Chinese People’s Political Consultative Conference advocated a government-aided blockchain development fund for establishing “a better governance system.”

A few of Chinese provinces have started to become enthusiastic about blockchain technology. Anhui, for example, has officially rolled out a blockchain platform for offering government facilities.