Tencent gets green light for fund sales

Technology giant Tencent has expanded its presence in the internet finance sector after getting the nod for third-party fund sales. A subsidiary of Tencent has been allowed to sell funds by the securities watchdog in Shenzhen, according to a statement released on the government agency’s website. The green light for fund sales followed the official nod for Tencent to run insurance agent business last October, expanding the company’s presence in the financial sector, ranging from payment to wealth management and microloan businesses. Before the approval, funds were sold on Tencent’s wealth management platform qian.qq.com to customers by linking them to fund firms or third-party fund sales agencies.