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Tencent’s WeChat testing money market fund to take on Alipay

Nov 20, 2018 by The Passage Team
Tencent’s WeChat testing money market fund to take on Alipay

Tencent’s Lingqiantong, similar to Alibaba’s Yu'e Bao, was released in beta version last Friday, inviting users to test the platform’s functions. The new features – which allow users to earn interest from their balance as well as transfer payments to pay bills, send virtual red packets and pay off credit card debts – were rolled out on a test basis to a small pool of users in September last year.

The move is seen as an attempt by WeChat Pay to catch up with Alipay, which operates the world biggest money-fund market Yu'e Bao and is the country’s third-party payments provider.

Tencent last week posted better-than-expected US$3.4 billion third quarter profit on social advertising and investment gains, which helped offset slower growth in its games segment which has faced uncertainly due to government regulation.

Source: South China morning Post

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