Chinese internet and mobile services firm Tencent's (0700.HK) WeChat mobile messaging app will add an insurance product to the nine featured services in its in-app wallet in the second half of the year. Tencent has already partnered with Taiwanese financial institution Fubon Financial, and the insurance product will either be developed or imported by Fubon's mainland China subsidiary.
Tencent is still applying for a license from the regulatory authorities, according to a source at the company. The insurance products may include both property and life insurance.
Fubon primarily sells property insurance, according to its website, but also operates short-term health insurance, accidental injury coverage, and life insurance services.
Editor's Note: For more information on this topic, please see "Tencent, Fubon to Establish Online Insurance JV," MD 7/19/17 issue.