Chinese Tech Giant Sina Focuses On Social Commerce. Plans To Roll Out An Online Banking Platform

by , courtesy business2community —

The Chinese tech giant behind the Twitter style microblogging platform Sina  Weibo, Sina  has shown its interest towards social commerce. According to a story published at TNW, the tech giant wishes  to roll out an online banking platform in September.


The story that was broken by Beijing  News, states that the new service will allow consumers all kinds of  financial transactions. The new service titled WeiBank will allow features like  complete bank transfers, make remittances, manage credit cards, etc.

Though the company – which was in news for Alibaba’s recent purchase of an 18 percent stake – has not revealed any more specific  details on how will the integration happen with Sina’s other products. With the  China’s leading online e-commerce company, Alibaba partially owning the micro  blogging platform, it wouldn’t be long before the company applies the social  layer. In fact activities like shopping are inherently social and the gradual  transition of eCommerce is social commerce.

Earlier in the month of June, the Chinese free messaging app WeChat from  Tencent Holdings Ltd had integrated WeChat with CMB to provide financial features  to the customers. The talked about partnership will enable interesting features  to credit card holders and all the information binds to their respective WeChat  account. This feature now allows customers to check their bills, credits, limits  or transaction records.

Besides this the messaging app that has more than 300M users globally and out of which 70M are located outside of China is planning to introduce  two more features. The features that are in trial are voice-text-service and  providing real time details based on the location details of the customers.

During the same period, the messaging app enabled online transactions for selected merchants by  linking a payment service. Corporate names like McDonalds are one of the first  companies to open an online channel via WeChat.

The move from Sina indicates that the tech company is looking for new  channels of monetization but will have to wait for more specific details on the  business model related to WeiBank.

Thank you, TiA


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This entry was posted on July 25, 2013 by in S-MEDIA and tagged , , , , , , , .

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