Rumor: Tenpay to Release Account Balance VAS This Month

China Business News, 11/07/13

According to industry sources, Chinese internet and mobile services firm Tencent (0700.HK) will launch a "WeChat Finance" platform in late November on its WeChat (Weixin) mobile messaging platform. The platform will include an account balance value-added service feature integrated with Tencent's Tenpay third-party payment service allowing users to deposit their existing Tenpay balances into investment fund products, similar to Alipay's Yu'e Bao account balance VAS product. Four investment fund companies have already signed partnership agreements with Tencent, namely China Universal Asset Management (CUAM), China Asset Management (ChinaAMC), GF Fund Management, and E Fund Management.

In 2012, Tenpay was granted a license by the China Securities Regulatory Commission (CSRC) to provide payment services for sales of investment funds. The initial four fund companies to work with Tencent have established money market funds linked to WeChat’s new investment platform. Users can initiate transfers into the money market funds via Tenpay.

Keywords: CUAM wireless Tenpay Tencent ChinaAMC E Fund third-party payment VAS 0700.HK WeChat GF Fund financial services

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