21 August 2019

Tencent not planning to compete with banks, HKEJ says

Tencent Holdings Ltd. (00700.HK) has no intention to compete with traditional banks, the Hong Kong Economic Journal reported Tuesday. Instead, the Chinese internet giant will explore partnerships with them to develop a micro-lending business, the report said, citing chairman Pony Ma. Tencent will share its customer database with some banks which will enable them to obtain more information about small companies for lending purposes, Ma was quoted as saying during a media briefing in Shenzhen on Monday. WeChat, the company’s instant messaging app, will not follow Alibaba which launched Yu E Bao, a deposit service bundled with a wealth management product, but will allow other funds to sell their products on its platform, Ma said. 

– Contact HKEJ at [email protected]


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