August 7, 2015 -
Chinese internet service portal Tencent will soon launch an online stock trading platform with a facial recognition authentication system on its messaging mobile app WeChat, in which the according to a report by South China Morning Post.
Account holders will be able to verify their identities and open personal stock exchange accounts using the platform’s facial recognition function via their smartphones.
Currently in its final testing phase, Tencent has not yet specified the exact launch date or full details of the new service.
Users will be able to purchase and sell stocks via WeChat’s e-wallet function, which also enables users to send money transfers, purchase transport and cinema tickets, invest in online financial products, and access other services.
The continued growth of smartphone sales and mobile internet users across China should enable Tencent to secure a wide audience for the stock trading service, especially when considering that WeChat is the country’s most popular social messaging app.
In order to register on Tencent’s platform, users will be required to upload one of a number of documents to verify their identity and then capture their face using their smartphone to ensure that the two photos match.
In the past, customers would be required to visit securities firms in person or engage in a video chat to confirm their identity.
The online trading platform will operate under Tenpay, Tencent’s online payment service that currently has over 16 million registered users.
Meanwhile, Chinese online payments firm Alibaba is also set to launch a similar stock trading platform through its online payment system Alipay, which has 350 million registered users.
Announced in early July, the stock trading platform function currently only tracks indexes.
Previously reported, Chinese payment service firm Tenpay, a subsidiary of Tencent, partnered with National Citizen Identity Information Center under China’s Ministry of Public Security to improve the accuracy of facial recognition technology for banking customers.