China grants operating license to Tencent insurance agency

Weimin Insurance Agency, an insurance subsidiary of Tencent Holdings, has obtained an operating license from the China Insurance Regulatory Commission.

The agency was founded by Tencent and Fubon Property & Casualty Insurance in 2016 with registered capital of 200 million yuan (30 million U.S. dollars).

Once Weimin starts operations, it will offer Fubon insurance products and policies from other insurers through Tencent's social media apps such as WeChat, said Richard M. Tsai, chairman of Fubon Financial Holdings in Taiwan, the parent company of Fubon Property & Casualty Insurance.

Tencent holds 57.8 percent stake in the insurance agency. Fubon takes 31.1 percent and a Shanghai-based investment partner holds the remainder.

Tencent has set up a number of insurance companies in the Chinese mainland and Hong Kong through joint ventures.