China's DiDi introduces in-app financial services

China's DiDi introduces in-app financial services

Chinese ride-hailing firm Didi Chuxing is moving into financial services, adding mutual protection, personal credit and automobile financing products to its mobile app.

DiDi officially inaugurated a financial services unit in early 2018 to develop a range of products for passengers and drivers, pitting itself against home-grown interlopers such as Alipay and WeChat as well as local banks.

The new in-app service expands the portfolio to all Chinese citizens, following successful trials in 10 cities including Chongqing, Zhengzhou and Foshan.

The initial roll out will concentrate on the provision of car loans and insurance to gig-economy workers. This will be followed up with credit and wealth management services, drawing on data from the firm's bi-lateral transaction platform and geo-location patterns to gain insights into customer expenditure and risk profiles.

Comments: (1)

David Gyori
David Gyori - BANKING REPORTS, LONDON - London 03 January, 2019, 09:58Be the first to give this comment the thumbs up 0 likes

Digital convergence (different industries melting together) is here.