The ecommerce regulation introduced in 2019 is a good example: the law prevents foreign companies from managing their own inventory and stock in the country, targeting the business models of companies like Amazon and Flipkart. Past regulation in India was aimed at championing the domestic tech sector through a string of regulatory “India first” initiatives, often at the expense of foreign companies. Trump accused WeChat, made by Tencent, and TikTok, made by ByteDance, of providing a channel for the Chinese Communist Party to obtain Americans’ proprietary information. While China’s main goal with antitrust measures is to control increasingly powerful domestic fintech companies, Indian regulators are more concerned about ensuring that Indian companies can compete on a level playing field with non-Indian big tech companies. Each company must also use India’s open payments platform, thus ensuring interoperability in transferring money between traditional banks and digital services at no cost to the user. The governments approach to prevent a “winner-takes-all” approach, is to limit companies from processing more than 30% of total payments transactions. It joins Indian fintech company Paytm and US players like Google Pay, Walmart’s PhonePe, and Amazon Pay. Facebook-owned WhatsApp has just been given the go-ahead to deploy its new payments service. Despite a slightly lower average spending per order than Taobao, at 220 yuan, WeChat Channels, with an average revenue per user (ARPU) of 200 yuan, is still well ahead of Douyin (120 yuan) and Kuaishou (around 80-90 yuan) in this regard. The country is one of the world’s fastest-growing ecommerce markets and is increasingly attracting interest from global ecommerce giants. India is also setting the antitrust agendaĪntitrust regulations are being explored worldwide to rein in Big Tech – India is another example of an emerging economy setting the agenda for antitrust. Ant’s consequent lack of compliance at the last minute led the IPO to be suspended. In early November 2020, two days before Alibaba affiliate Ant Group was due to raise $35bn through an IPO, the Chinese government imposed new regulations on Alibaba and Ant Group. The government has demonstrated that it is willing to take a hard stance against China’s technology giants. Under the new regulations, larger platforms may be forced to open up and share data to their rivals with the aim to create a level playing field for China’s fintech industry. For its part, Alibaba has blocked shoppers from using WeChat Pay on its Taobao and Tmall sites. Similarly, Tencent’s WeChat messaging app does not allow users to share content from Douyin or click links that would take them to products on Alibaba’s ecommerce site Taobao. Users from platforms such as Douyin, Xigua Video and Toutiao, which are all under the Douyin Group, will be able to re-create short videos by using the long video content on Tencent Video, it said.The new regulation aims to stop anticompetitive practices such as those used by Alibaba and Tencent in the “pick one of two” tactic, which forces sellers to sell exclusively on their platforms. Ĭhinese short video platform Douyin, which is owned by tech heavyweight ByteDance, and Tencent Holdings Ltd's video streaming site Tencent Video have recently reached an agreement to explore the joint promotion of both short and long videos, according to a statement released by Douyin on Friday.ĭouyin said the company will be authorized to use Tencent Video's long-form video content, and the rules about how secondary content can be generated have also been clarified. Chinese short video platform Douyin and Tencent Video have recently reached an agreement to explore the joint promotion of both short and long videos.
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