Tencent makes funds splash with launch of WeBank app

Chinese internet giant Tencent has officially launched its WeBank mobile platform as it makes a push into mutual fund sales and pension insurance products. In partnership with three fund houses and one insurer, Tencent hopes to use China’s first private internet bank to emulate the financial technology (fintech) success of rivals such as Alibaba. Tencent will now push fund distribution via WeBank, which will be combined with its huge big-data resources including online retail cu…