China’s top ride-hailing app today expanded its repertoire by selling financial services to its 550 million users.
Didi this morning announced the rollout of personal insurance, wealth management, mutual protection, crowdfunding products for critical illnesses, car loans, and other forms of credit services, all available within its app.
Photo credit: Didi Chuxing
In a statement, Didi said its health insurance product “breaks down annual critical illness insurance to lower the entry barrier for gig economy workers and broaden the scope of protection for more families.”
Big bet
The US$56 billion startup last year made some financial services available to its drivers, but today’s move expands its fintech ambitions to everyone across China.
The nationwide launch comes four months after Didi vowed to plough US$1 billion into building up its financial services wing.
The transport app’s finance products go up against Alibaba spin-off Alipay, Tencent’s WeChat, as well as a number of the nation’s top banks and insurers.
Updated January 3, 2019, at 4:12pm: The original article misstated which of its products are now available nationwide, as opposed to just its drivers, and mislabeled some of the products as health insurance.
Editing by Terence Lee
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