Tencent to Sell Financial Products on WeChat in Partnership with ChinaAMC
By ALEX HSU
Tencent will be partnering with ChinaAMC to sell financial products on WeChat 5.0, according to a source close to ChinaAMC. Tencent will use its online payment service Tenpay to clear the transactions.
According to a former fund manager that is launching a financial product e-commerce site, “A few funds have contacted Tencent about selling financial products on WeChat, but despite the fact that Tencent has the same online payment license as Alibaba, the company has been more cautious about it. The success of Alipay’s Yu E Bao and the attitude of the Chinese government have encouraged Tencent.”
ChinaAMC is one of the largest asset management companies in China and has been a longtime partner of WeCat. ChinaAMC has an active WeChat account that it uses to interact with clients, and Tencent has publicly promoted its cooperation with ChinaAMC in an effort to form similar relationships with other financial services companies. Lu Xiaoye, general manager of IT at China AMC, indicated that ChinaAMC chose WeChat because it is a one-on-one communication tool that simulates the exclusive and private service that is offered by traditional financial service companies.