Didi does in-app financial services across China
Chinese mobile-based transportation platform Didi Chuxing has pressed the accelerator on its fintech ambitions with a financial services module in its app.
The firm, which of course is a competitor to Uber, says the new service offers mutual protection and crowdfunding products for critical illnesses, credit and lending, wealth management and auto-financing services.
Where’s the smog?
Prior to the nationwide launch, the in-app services were trialled in ten cities including Chongqing, Zhengzhou and Foshan.
This initial launch features two groups of services. Didi protection and credit services provide personal financial products.
Didi explains that its new health insurance product, for instance, “breaks down annual critical illness insurance to lower the entry barrier for gig economy workers and broaden the scope of protection for more families”.
Through its auto-financing solutions, the finance arm states that it will work with Didi’s new auto-solutions business to try and grab a share of “China’s vibrant mobility market”.
According to Didi, it offers app-based transportation options for 550 million users, including taxi, bus, bike sharing and food delivery. It employs over 31 million drivers on its platform.
The company partners with Grab, Lyft, Ola, Uber, 99, Taxify and Careem in a ride-hailing network across 1,000 cities around the world. For example, in Brazil it operates under the 99 brand.
Didi was founded in 2012. In 2016 it acquired Uber’s China unit. In December 2017, it closed a $4 billion financing round. Last year it formed a joint venture with SoftBank to offer a taxi-hailing service in Japan.
