Remember when WeChat was just a mobile chat app? Tencent’s social baby has long since left that nest, expanding in all directions, and the latest addition to WeChat’s formidable feature set will be a securities trading platform. Perhaps even more interesting, though, is that the app will allow users to open their trading accounts by taking a photo of their faces.
Last week, Tencent announced that the new feature, called WeChat Securities, will be coming soon. The platform has already secured a partnership with China Merchants Securities, and Tencent hopes to add three or four more securities dealers as time goes on. Details about how the platform will work are scarce, but Tencent has shared that users will be able to sign up by taking a photo of their own face. Then, after their identity has been confirmed via the photo and some other information, they’ll be ready to start trading.
This is a big deal, Tencent says, because securities trading accounts need to be okayed by China’s Securities Regulatory Commission. Previously, that meant you had to go somewhere in person, or at the very least video chat with someone live to confirm your identity. On the new WeChat platform, users will be able to avoid that pesky human interaction, although they’ll still have to wait a while as several different parties confirm their identity and store their details.
It’s not clear exactly when this new trading platform will be added, though, and it’s possible Tencent may be waiting for more favorable market sentiment. Although China’s market has climbed over the past couple of days, investors are still rattled after the historic plunge Chinese stocks took last month, which prompted heavy government interventions.
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