Ping An Bank’s app starts offering rival wealth management products
(Yicai Global) July 27 – Ping An Bank’s app, the latest version of which was released yesterday, features products from the wealth management arms of a number of the Chinese lender’s competitors for the first time, including Bank of Communications, Bank of China and Industrial Bank.
Version 6.0 of the app also introduces interbank refunds for using credit cards, according to sources at the Shenzhen-based bank. When users purchase something with Ping An’s credit card, they receive a cash payment that can be used to pay off Ping An’s or other bank’s credit cards.
Ping An is also cooperating with Chinese card payment giant UnionPay to allow app users to check bill amounts and refunds to other banks under their own name.
The app has brought many improvements to older users, as they make up almost 6% of lenders’ customers.
Banks have also used their apps as an entry point and platform for wealth management. For example, China Merchants Bank launched a wealth management platform on its app last year to meet the needs of asset managers, including public funds and bank wealth management units.
In the past, only mobile payment platforms such as Alipay provided interbank wealth product sales services in China. In recent years, wealth management has become critical for banks. Apart from the wealth management branches, lenders have also been working with funds and trusts to capture more market opportunities.
Editors: Shi Yi, Peter Thomas