Ping An starts mobile service platform

MANILA, Philippines - China’s Ping An Insurance (Group) Co. will be launching a mobile financial service platform, which will feature online payments and social networking services. According to Chinese daily, Global Times, it will likewise be accessible via website and an app on Jan. 16. The beta version of Yiqianbao has been available on Apple’s App Store since late November, allowing users to exchange texts, pictures, voice messages and money as well as pay online bills. It has not yet been released on the Android store. So far, only three banks have connected to the app — Ping An Bank, China Construction Bank and China Everbright Bank — although the app will support more banks in the future. This compares with China’s e-commerce leader, Alibaba, which has partnerships with more than 180 banks in China and abroad, and its Alipay payment service with a user base of 100 million.