The goal of the pilot program is to make credit more available to small businesses which are at disadvantage when it comes to securing loans from state-owned banks despite being integral to China’s economic development.
Moreover, the initiative is part of the Chinese government’s efforts to reduce the amount of control that state-owned banks have on its economy and continue with financial reforms agenda.
Tencent’s first financial services product, a fund called Licaitong, was launched in January 2014, while Alibaba, Baidu, and electronics seller Suning Commerce Group also got government licenses to offer mutual funds, loans, and insurance.
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