Social media platform Xiaohongshu (also known as RedNote) secured a third-party payment license through its acquisition of Oriental Electronic Payment, joining other internet giants in fintech. The deal, estimated at 148 million RMB ($20.3 million), saw the payment platform’s capital increased to 200 million RMB ($27.4 million). Analysts indicate this addresses a crucial gap in Xiaohongshu’s growing e-commerce business, reducing reliance on external payment channels. With China’s central bank having halted new license issuance since 2016, acquiring existing payment licenses has become the primary path for internet companies strengthening their financial infrastructure.