China: WeiyangX Fintech Review

China: WeiyangX Fintech Review

This week, China Insurance Regulatory Commission (CIRC) announced that it had grant an operation license to Shenzhen Wei Min Insurance Agency Co. Ltd. Tencent owns a majority stake (57.8%) of this new insurer. Fubon Property Insurance & Casualty Insurance Co from Taiwan is also listed in the stakeholder list. Wei Min Insurance is expected to work more or less like insurance business is conducted on Alipay. The profound technical background and its huge user volume is going to be competitive advantages for Tencent to sell insurance on WeChat and QQ. The joint-venture has received approval from CIRC on September […]