WeChat launches a securities trading platform
WeChat, the popular Chinese messaging app that regularly rolls out new functionalities is planning to introduce a platform for securities trading.
It has been reported that the trading platform will be equipped with a face-recognition system, which means that in order to open an account, a user will just need to take a selfie.
WeChat innovation is a great breakthrough for China
Tencent – WeChat owner – is not disclosing every detail about how the platform is going to work. To open a trading account, a user just has to take his photo with his mobile device to confirm his identity. Banks currently apply similar practice – they take photos of their customers with a web-camera when customers come for their newly emitted credit cards. After the identification process is complete, a user will be able to start trading. Most likely, customers will be required to provide something more than simply a photo. Probably, clients will have to indicate their name, surname and contact data.
It is not entirely clear yet, how the platform will be implemented into the app but the whole idea of making it is a great breakthrough for China. According to the country’s law, all trading accounts must be opened on approval of China’s Securities Regulatory Commission. This means that any person wishing to open an account has to visit a special agency or at least to take a video interview in order to confirm his/her identity.
The new platform will allow users to avoid red tape and save their time.
Will Tencent conquer the securities market?
Tencent has got big plans for the new platform. The company has already secured a contract with China Merchants Securities, which is part of China Merchants Group – the China’s governmental corporation. This partnership is a great success, but Tencent is not going to stop just there. The company plans to cooperate with a few more reputable companies that trade securities.
All we have to do is wait for the new option to become available to all users and see whether the implemented idea will match WeChat’s ambitions.