Tech giant Sina enters insurance business

Sina, Chinese tech company and operator of Sina Weibo, China’s answer to Twitter, is to diversify into the internet insurance business.

The move will follow Alibaba, Tencent and Baidu, who have already added online insurance to their offerings.

The company, with its controlling interest, Xingmin Insurance Brokers Ltd, will sell various insurance products on its online platform.

See also:

Business Chief: Asia edition – February issue out now!


Top 10 Chinese IPOs in 2017

 

City focus: Hong Kong

Once the platform has finished its application process and acquired a license it will be able to sell any legal insurance product with similar guidelines to brick-and-mortar businesses, but according to the Asia Times it will likely follow popular options for online insurance providers which include short term accident, low proceed medical, and critical illness cover.

The Xingmin subsidiary was set up in January. Sina Weibo boasts over 276mn active users with over 160mn using the site daily.

Users will be able to investigate and purchase insurance options via their Weibo Wallet. The company has also announced it intends to expand its offering of insurance products to eventually focus more on insurance for the elderly (80-90 age group).

 

Share

Featured Articles

Top 10 fastest growing companies in Asia-Pacific

From Singapore to South Korea, Hong Kong to India, and spanning fintech, food and energy – these 10 businesses are seeing their revenues rise, and fast

Top 10 best-performing Australian companies: mines to banks

Among Australia’s largest companies by market cap are the country’s Big Four banks, a tech startup that successfully scaled, and two firms with female CEOs

Top 10 richest Southeast Asia: how they made their fortunes

From Singapore’s paint tycoon to Malaysia’s sugar king, we round up the 10 richest people in Southeast Asia – and investigate how they made their billions

Will moonlighting ever become accepted practice in India?

Human Capital

New YouTube CEO Neal Mohan joins surge of Indian-origin CEOs

Leadership & Strategy

Ex Infosys President Ravi Kumar is the CEO Cognizant needs

Leadership & Strategy