Tencent gains approval to sell mutual funds to WeChat users
Tencent has been granted a licence from the China Securities Regulatory Commission to sell third-party mutual funds directly. The development will allow the company to make better use of its popular messaging app WeChat to sell investment products, analysts have noted. WeChat has close to one billion users. The firm will now have more control over wealth management services offered via WeChat, rather than relying on third-party partners, analysts added. It's also predicted Tencent could seek to turn its payment service, Tenpay, into a full financial service platform. The company previously obtained licences for mobile payments, insurance and micro-financing. 

Traditional finance houses now being seriously challenged in the wealth management market by emerging internet financial companies