Ten­cent plans to add fi­nan­cial ser­vices to WeChat

China Daily (Canada) - - NEWSCAPSULE -

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)

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