Tencent plans to add financial services to WeChat
Tencent Holdings Ltd is adding a wealth-management service on its dominant mobile messaging app WeChat.
Called Licaitong, the service was jointly developed by Tencent and four fund companies, including China Asset Management Co and GF Fund Management Co.
The service, with a minimum investment of just 0.01 yuan ($0.0017), will enable WeChat users to buy and sell money market funds via mobile devices and get higher interest rates than typical banking deposits.
Tencent, China’s largest Internet company by revenue, didn’t say when the service will be officially launched and open to all WeChat users.
Sources said Tencent has been working on the service for months after its archrival, Alibaba Group Holding Ltd, introduced Yu’E Bao, an investment service, in June 2013 through its e-payment affiliate Alipay. (Photo 2)