(Yicai Global) Sep. 5 -- Tencent Holdings Ltd.'s [HK:0700] WeChat messaging app is testing its new small change function that can be used for shopping and wealth management.
Users can make QR code payments and collect interest on small balances with the feature, which is similar to the Yu'E Bao investment product from Alibaba Group Holding Ltd.'s [NYSE:BABA] affiliate Ant Financial Services Group, Mydrivers.com reported yesterday.
The function is linked to a money fund from China Asset Management Co. that provides a seven-day annualized return rate of 4.135 percent.
Yu'E Bao's seven-day annualized return rate is 4.054 percent.
China Asset Management offers, runs and manages the fund, which mainly invests in fixed-income products with good liquidity, such as bank deposits and short-term bonds.