Tencent’s credit payment service is fueling the battle of fintech in China

Tencent’s ready-to-release internet financial product Fen Fu will soon allow WeChat users to perform installment payments for purchases utilizing WeChat Pay, signaling the tech giant’s participation in this emerging financial field. Thanks to the robust and continuously growing domestic consumption market, over half of China’s younger tech-savvy users have resorted to online lending services, which fact has in turn boosted development and inspired innovations within the fintech industry. Its predecessors such as Alibaba and JD, launched similar products years ago known as Ant Financial’s Huabei and JD’s Baidutiao.