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China : PING AN INSURANCE founds latest mobile FINANCIAL APP.

Ping An Insurance (Group) Co of China currently introduced the newest version of its mobile payment app for the public, a sign of traditional financial institutions' venture into the Internet finance sector.

As per the firm, app, called 1qianbao, not only features wealth management services similar to Alibaba Group's Yu'ebao and online chatting functions, it also provides consumer loan services enabling users to acquire nearly to 10,000 yuan ($1,600) to buy with an interest-free period of 30 days at most.

"Our loan services are different from online credit cards. We have cooperated with a Shenzhen-based small loan firm to launch such services," Liu Xiaoyang, a PR officer with Ping An Insurance, told the Global Times on Monday.

"Traditional financial institutions have advantages in stepping into the Internet finance sector, as they have better relationships with financial regulators," Feng Xianghe, an analyst at Beijing Unbank Investment Consultant, told the Global Times on Monday.

"From the regulators' perspective, they are more trusting of Internet-based financial products issued by banks or insurance firms, which have better risk control experience," Feng said.

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Publication:Mena Report
Date:May 16, 2014
Words:192
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