Caixin
Jun 08, 2020 08:44 PM
FINANCE

Exclusive: Former Ping An Executive Moves to Tencent Fintech Arm

What’s new: A former vice chairman of financial conglomerate Ping An Insurance (Group) Co. of China Ltd., Ren Huichuan, has been named an in-house adviser to tech giant Tencent Holdings Ltd.

A source close to Tencent told Caixin that Ren will participate in developing internet insurance for Tencent’s fintech platform, a relatively weak link of the business.

What’s the background: Tencent’s fintech projects are currently scattered across different management teams. For example, WeChat Pay is run by the WeChat team, while Weilidai, an online consumer loan product, is managed by Qianhai WeBank Co. Ltd. with Tencent being the largest shareholder.

Tencent’s “Tencent Financial Technology” platform was set up in 2015 to consolidate the company’s financial businesses. It currently provides payment services, wealth management, and other financial services.

Ren held various managerial positions at Ping An including in trusts and asset management before he resigned due to “personal health reasons” in March, according to a company statement.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Related: Tencent Q4 Profit Rises 52% on Growing International Games, Fintech Businesses

Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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