Tencent to Establish Open Financial Platform
21st Century Business Herald, 7/17/13
Lai Zhiming, GM of Chinese internet and mobile services firm Tencent's (0700.HK) Tenpay online payment service, recently stated during an interview in Shenzhen that Tencent is planning to establish an open financial platform and work with financial institutions to design new and innovative payment products. Some of the financial platform's new offerings will be seen in the new payment features to be rolled out in version 5.0 of Tencent's WeChat (Weixin) mobile messaging application. Currently, these features can only be accessed internally at Tencent.
Lai said that Tenpay will coordinate with WeChat and Tencent's Mobile QQ IM client to offer mobile payment services across all platforms. Furthermore, Tenpay will partner with mutual funds and commercial banks to offer users financial products similar to third-party payment processor Alipay's account balance fund investment service Yu'e Bao. Tenpay is also planning on partnering with financial insurance companies to offer financial protection to users of Tenpay Express Checkout and WeChat's new payment features.
Editor's Note: For more background on this topic, please see "WeChat v5.0 to Overhaul Public Accounts, Add Payment Features" MD 7/03/13 issue and "Mobile QQ Adds Lifestyle Services, Mobile Payment" MD 7/16/13 issue.
Keywords: insurance Internet wireless Tenpay Tencent Mobile QQ mobile payment third-party payment VAS 0700.HK online payment WeChat Lai Zhiming e-payment mobile IM
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