WeChat messenger became a strong competitor of Chinese banks

10 January 2018
WeChat messenger became a strong competitor of Chinese banks

A large Chinese IT company, Tencent, got a license from the mutual investment fund. This will contribute to a significant increase in sales of its own financial products. If earlier the organization could only be an intermediary between clients and investment funds, now it can sell its services directly via WeChat messenger or on the qian.qq.com website.

Among other Tencent plans – transforming the payment system into a wider one with an updated service range. To date, the company has become a serious competitor to Chinese banks: it has a license for mobile payments, online insurance and providing microcredits.

WeChat constantly increases the scale of its influence. With the help of the messenger, Chinese citizens can file lawsuits, pay costs to the court and receive divorce documents. Guangzhou authorities also announced plans to launch a digital ID-card based on WeChat, which will become an alternative to the usual passports.


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