The strategic importance of China’s online insurance industry is increasingly valued by Chinese internet behemoths, so much so that a partial layout in the sector through joint ventures is not enough for their ambition for the sector.

One month after China’s online-only insurer ZhongAn, a joint venture among Alibaba, Tencent, and PingAn, went public in Hong Kong stock market, Tencent has decided it’s the time to develop online insurance independently and make it part of its core business.

Through WeMin Insurance Agency, a new insurer in which Tencent owns a 57.8% controlling stake, Tencent recently secured a new operating license from the China Insurance Regulatory Commission (CIRC) to sell insurance products on its popular messaging apps WeChat and QQ.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.