China’s biggest tech giant has recently announced updated its rules for monthly donation, requiring stricter tracking of the donors’ general information and finances. The rules are being updated in accordance with the 2016 Charity Law. This law made it easier for Chinese charities to become accredited, and clearly regulated the right to fundraise from ordinary Chinese citizens. In future only “legally registered charities who are in accordance with the law and maintain accurate records” may continue to fundraise through Tencent’s platform. The updated rules are meant to push for greater transparency on project plans and for legal and overall compliance from users of the platform.
Tencent operates the most successful online fundraising platform in China, raising far more money than its closest competitors Alibaba and Ant Financial. This is mainly due to the success of the Tencent 9/9 Philanthropy Day, an annual event held over three days in September.