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Chinese Tech Giant Tencent Receives License to Sell Third-Party Mutual Funds

Chinese Tech Giant Tencent Receives License to Sell Third-Party Mutual Funds

Chinese technology giant Tencent has successfully acquired the license to sell third-party mutual funds, through its affiliated company Tengan Funds Sales (Shenzhen).  The license is issued by Shenzhen Securities Regulatory Bureau.  With the license, it is now able to build financial service platforms to compete against rivals Alibaba Group and Baidu.

“ Tencent Acquires Mutual Funds License, To Compete against Alibaba Group & Baidu “

Prior, Tencent can only act as an online bridge between investors and fund distributors via its online wealth management platform qian.qq.com and its messaging platform Wechat which has more than 980 million users.

Source: SCMP, CGTN

 

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