Tencent Holdings Ltd. (0700.HK) and American Express Co. (AXP) will develop a way for users of Tencent's online-payments service to buy goods on websites outside China, the companies said Wednesday.

Users of Tencent's Tenpay payments service will be able to buy goods on sites in the U.S. and the U.K. that accept American Express payments, the companies said in a statement. The payments will be made using an American Express online shopping service called "globaleshop."

The deal will allow Tenpay "to rapidly expand the scope of our business and accelerate our move into offering cross-border, online payment services," the statement cited Tenpay General Manager Luke Liu as saying.

Tencent is looking for new ways to fuel growth outside its core businesses in online games and social-networking services in China, including by taking steps to expand overseas.

-By Owen Fletcher, Dow Jones Newswires; 8610 8400 7702; owen.fletcher@dowjones.com

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