According to reports in foreign media, China's Tencent has invested in Argentina's mobile bank start-up Uala, joining George Soros, Goldman Sachs, and Point72 Ventures LLC.
Pierpaolo Barbieri, founder of Uala said that the company plans to cooperate with Tencent to further develop its application. He did not reveal the investment amount, but said that the investment will increase Uala's valuation significantly.
Chinese technology companies, including Didi Chuxing, Huawei and Baidu, show increasing interest in the Latin American market. Tencent also implemented competition with its competitor Alipay in the digital payment sector regarding the Latin American market. In 2018, Tencent announced plans to increase investments in several key sectors, including digital payment. In line with this announcement, the company invested USD180 million in Brazilian fin-tech company Nu Pagamentos SA in 2018.