China : PING AN INSURANCE founds latest mobile FINANCIAL APP.
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.
2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||May 16, 2014|
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