Better late than never, I guess?
According to China Money Network, Sina Corp, the Chinese telecom giant behind Sina Weibo, is set to launch an Online Finance Fund targeted at fintech firms.
Charles Chao, Sina’s chief executive, said in an earnings call that fintech “is one of the most important opportunities in the next three to five years,” adding that the company can “leverage its own online traffic, data, and microblog services Weibo to attract users and create a strong new brand.” Sina currently offers services such as micro-lending, and plans to team up with financial institutions to do a range of fintech-related operations, such as selling financial products online. However, it does plan to focus on sectors were it can obtain a license.
As China Money Network points out however, the company does seem to be a little late in the game. With Alibaba and Tencent practically cornering the payments, lending, wealth management, and credit rating arenas, there doesn’t seem to be much upside for Sina here. Let’s see how it goes for them.