LINE

Text:AAAPrint
Economy

China grants operating license to Tencent insurance agency

1
2017-10-13 08:38Xinhua Editor: Gu Liping ECNS App Download

Weimin Insurance Agency, an insurance subsidiary of Tencent Holdings, has obtained an operating license from the China Insurance Regulatory Commission.

The agency was founded by Tencent and Fubon Property & Casualty Insurance in 2016 with registered capital of 200 million yuan (30 million U.S. dollars).

Once Weimin starts operations, it will offer Fubon insurance products and policies from other insurers through Tencent's social media apps such as WeChat, said Richard M. Tsai, chairman of Fubon Financial Holdings in Taiwan, the parent company of Fubon Property & Casualty Insurance.

Tencent holds 57.8 percent stake in the insurance agency. Fubon takes 31.1 percent and a Shanghai-based investment partner holds the remainder.

Tencent has set up a number of insurance companies in the Chinese mainland and Hong Kong through joint ventures.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.