Louie Baur Louie Baur is Editor at Long Beach Louie, a Long Beach Restaurant Review site as well as Skateboard Park. Find him on Twitter, Facebook, and Pinterest.

WeChat will soon offer users as much as $30,000 in personal loans

46 sec read

Asian messaging apps are like Swiss Army knives for mobile devices; they come packed with tons of functionality that you wouldn’t really expect to see in a messaging app, from cab-hailing to ticket-buying, and WeChat is no exception. The Wall Street Journal is reporting that a new feature is coming to WeChat, known as Weilidai, which will allow users to borrow as much as $30,000 in loans in a matter of minutes. 

Tencent Holdings Ltd. plans to add a personal loan feature to its popular WeChat smartphone messaging application later this month, in the latest step in the Chinese Internet giant’s expansion in online financial services, according to people familiar with the matter. The new WeChat feature called Weilidai, which literally means “a tiny bit of loan,” allows users to borrow up to 200,000 yuan ($31,350) without guarantee or collateral. The Weilidai service is operated by WeBank, an Internet bank launched in January by Tencent and Chinese financial firms. Internet finance is the next major battleground for two of China’s largest technology companies — Tencent, whose main services are online games and social networks, and online shopping giant Alibaba Group Holding Ltd. Both Tencent and Alibaba, through its affiliate, offer online payment services and are starting to play greater roles in the country’s burgeoning market for online financial services.

Source
Avatar of Louie Baur
Louie Baur Louie Baur is Editor at Long Beach Louie, a Long Beach Restaurant Review site as well as Skateboard Park. Find him on Twitter, Facebook, and Pinterest.

Apple is purging hundreds of thousands of apps from…

It may be the end of summer, but that isn’t stopping Apple from doing a bit of spring cleaning. Tomorrow, coinciding with the launch...
Avatar of Alfie Joshua Alfie Joshua
1 min read

This app let’s you buy the food that restaurants…

Just because it’s not fresh doesn’t mean it’s not edible. For people willing to eat food that’s old, but not too old, a new...
Avatar of Brian Molidor Brian Molidor
1 min read

Why is Line listed on both an American and…

Line hasn’t found much success here in the West, which is why it might seem odd that the company decided to list itself on...
Avatar of Lorie Wimble Lorie Wimble
1 min read

Leave a Reply

Your email address will not be published. Required fields are marked *