17 January 2019

Banks curbing transfers to WeChat fund, paper says

Some banks are imposing daily transfer limits to a high-yield fund product run by Tencent’s instant messaging platform WeChat, Oriental Morning Post reported Thursday, citing comments by the official Xinhua news agency. China Merchants Bank Co. (03968.HK, 600036.CN) has a daily transfer limit of 30,000 yuan (US$4,947) while Industrial and Commercial Bank of China Ltd. (01398.HK, 601398.CN) caps transfers at 10,000 yuan, citing customer protection, the report said. WeChat’s Licaitong fund offers an annualized yield of up to 7.4 percent, the report said.

– Contact HKEJ at [email protected]



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