WeChat Launches Credit-based Loan Service 'Zhouzhuan'

Xinliu Caijing, 9/10/18

Chinese internet conglomerate Tencent's (0700.HK) WeChat mobile messaging app has added a new mobile lending product to its built-in mobile wallet and wealth management platform Licaitong. "Zhouzhuan" (literally "Weekly Rollover"), as the new service is called, allows users to borrow money in as little as 10 minutes during banking hours once their application has been approved. Users can borrow up to RMB 300,000, all of which is provided by banking institutions. Currently, Changshu Rural Commercial Bank is the main lending partner for Zhouzhuan.

Zhouzhuan is similar to rival mobile payment platform Alipay's credit lending product Ant Loan. Both evaluate the user's wealth value and credit rating within their ecosystems to evaluate loans online and extend credit to individuals who meet certain standards.

Keywords: Zhouzhuan wireless Tencent 0700.HK WeChat mobile lending Licaitong

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