Tencent, Bank of Beijing launch $1.6 billion online banking tie-up

April 29, 2015 admin alibaba-group, billion-yuan, global, hotly-contested, jingyitong, online-finance, other-services, the-official, use-phones

Bank of Beijing will extend Tencent Holdings Ltd a 10 billion yuan ($1.6 billion) credit line, part of a partnership that helps the Chinese Internet firm better compete in online finance with rival Alibaba. The partnership will focus on the bank's Jingyitong initiative, which lets users swipe a chip-enabled card at hospitals to obtain medical care and other services, Tencent and Bank of Beijing said on Wednesday. In January, Tencent began trial operations of its WeBank service to issue loans to individuals and small and medium-sized businesses

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Tencent, Bank of Beijing launch $1.6 billion online banking tie-up