Suning Launches OB of Account Balance VAS Product
Tencent Tech, 1/13/14
Chinese consumer electronics and home appliances retailer Suning (002024.SZ) has begun open beta testing of its "Spare Change Treasure" ("Ling Qian Bao") account balance value-added service product.
The service allows users of Suning's Yifubao third-party payment platform to transfer excess account funds into Ling Qian Bao, which places user investments into money market funds provided through partner financial institutions. Current Ling Qian Bao partners include GF Fund Management and China Universal Asset Management. Ling Qian Bao balances can be used for purchases on Suning's e-commerce site Suning.com, transferred back into Yifubao or to bank accounts, or to make utility bill and credit card payments.
Ling Qian Bao began closed beta testing in December 2013, and has reached interest rates as high as 6.99% over the last 7 days, according to Suning.
Editor's Note: For more information on this topic, please see "Update: Suning Plans Account Balance VAS Product," MD 11/14/13 issue.
Keywords: financial services Ling Qian Bao e-commerce Internet open beta Suning third-party payment VAS 002024.SZ Yifubao GF Fund Suning Yigou CUAM
Sending
