Tencent's WeBank launches personal loan product

Online lender WeBank announced on Wednesday that it has launched a personal loan product on Tencent’s video application, aiming to explore the big consumer credit market among the younger generation.

Jointly unveiled by WeBank and Internet giant Tencent’s video business arm, the consumer loan product aims to touch more young customers on the video platform.

Users can enjoy more convenient and diverse financial services in rich online and offline scenarios as long as they bind the product with their Wechat payment account.

Survey shows that more young Chinese are turning to Internet platforms and online financial offerings to make payments for big-ticket consumptions.

WeBank said the product marks its another attempt to promote financial inclusion for the younger generation and it will connect more platforms and resources in the future to cater to young users’ consumption demand.