(ECNS) -- Chinese regulators have ordered the suspension of transactions via financial Mini Apps, citing security concerns, before investors had the opportunity to learn about the Mini Apps' potential.
A source with a fund management company told Beijing Morning Post that they had received an order from regulators, telling them to disable the transaction functions of their Mini Apps, which should only be used to display products. As for account opening services, the Mini Apps were only allowed to support URL redirection for this purpose.
The measure was taken out of security considerations and should be implemented immediately, it was added.
On January 9, Internet giant Tencent officially launched Mini Apps within its popular instant messaging app WeChat to create a lightweight way for businesses to reach consumers. The Mini Apps do not require installation. Users can open them simply by scanning QR codes or searching from their WeChat accounts. Each Mini App is less than 1MB in size.
The first batch of fund management companies to roll out Mini Apps included China Asset Management, Harvest Fund, China Southern Asset Management, GF Fund Management, Yinhua Fund Management and CCB Principal Asset Management.
But so far, only the Mini Apps of China Southern and Harvest Fund are still available, for the purpose of presenting their services and hyperlinks to online wealth management products.
