Rumor: Tenpay to Release WeChat Account Balance VAS
China Business News, 11/29/13
A source at Shenzhen-based internet company Tencent's (0700.HK) Tenpay online payment service has confirmed that Tencent will launch a "WeChat Finance" platform in mid-December on its WeChat (Weixin) mobile messaging platform. According to the source, WeChat plans to release an account balance fund investment service similar to that of Alipay's Yu'e Bao through a cooperation with ChinaAMC Capital Management Limited, E Fund Management, GF Fund Management, and China Universal Asset Management. Operation of the service will be overseen by Tencent's Tenpay online payment service.
Interest for finance products offered via WeChat will reportedly be higher than those currently offered by Yu'e Bao.
Keywords: third-party payment wireless Tenpay Tencent ChinaAMC E Fund VAS 0700.HK online payment WeChat GF Fund e-payment CUAM financial services