China's Insurance Regulator Okays Tencent's Insurance Intermediary
Dou Shicong
/SOURCE : Yicai
China's Insurance Regulator Okays Tencent's Insurance Intermediary

(Yicai Global) Oct. 12 -- Shenzhen-based Weimin Insurance Agency, founded by Chinese internet giant Tencent Holdings Ltd. [HKG:0700] and Taiwan's Fubon Financial Holding Co., has obtained an operating license from the China Insurance Regulatory Insurance Commissoin.

The insurance agency registered in October last year and received approval from the regulator on Sept. 28, information on the CIRC website shows. This marks the first time that Tencent has obtained an insurance agency license in mainland China, Jiemian News reported on Oct. 12.

Xie Bangjie, deputy general manager of Fubon Financial's property insurance unit, will serve as general manager for the agency.

Tencent and Fubon set up a joint venture to run the agency in September 2016. The internet firm holds a 57.8-percent stake in the firm. Fubon holds 31.1 percent and a Shanghai-based investment partner holds the remainder.

Once Weimin Insurance enters operation, it will offer Fubon's property insurance and policies from other insurers through Tencent's social media app, WeChat, insiders believe.

Tencent has a number of insurance companies in the mainland and Hong Kong through joint ventures, the report said, but this is the first time the firm it has set up an insurance intermediary.

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Keywords: TENCENT , Fubon Financial , China Insurance Regulatory Commission , Wechat , Insurance