Sina Microblog to Launch Online Banking Product

Sina Finance, 7/19/13

Dai Geng, VP of Chinese internet company Sina's (Nasdaq: SINA) Sina Payment subsidiary, has announced that Sina's Weibo microblogging platform will soon offer an online banking product called "Wei Yinhang" ("Micro Bank"). "Wei Yinhang" will serve as a "branch" for commercial banks on Weibo, allowing users to access a virtual "VIP room" and conduct multiple online banking activities, such as open a bank account, transfer funds, pay credit card bills, wire money, and make investments.

Dai said that Sina hopes to establish an online financial service ecosystem by integrating "Wei Yinhang" with Weibo and Sina's third-party payment platform Weibopay (Weibo Qianbao).

Keywords: Dai Geng Internet online banking Sina microblogging online payment e-payment

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