Sina Released Micro-Bank to Tap into Payments Sector

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Sina reportedly released an online financial service Micro-bank after receiving third-party payments license earlier this month (source in Chinese).

This move marked that Sina is posed to tap into the financial market to capitalize on the online financial management mania stirred by AliPay’s Yuebao, an instant online financial management hit for its low investment threshold of one yuan and free fund redemption.

The financial management products listed on Micro-bank will feature easy and convenient operation as well as low liquidity risks.

In addition to financial management, Micro-bank also provides services of accounts opening or cancellation, capital transfer, remittance and credit card payment, noted Dai Feng, vice manager of SinaPay. The large user reservoir hold by Sina Weibo, China’s most popular microblogging service, may boost the development of Micro-bank.

Moreover, Sina will also roll out two new functions, enabling users to pay phone bills, public welfare fees and enjoy coupon discounts. Micro-bank will be an effective measure to plug a hole in Sina’s financial management efforts, according to Dai .