Chinese internet services provider, Tencent Holdings will reportedly expand into the online insurance market in H2 this year by selling products through the mobile payment function on its messaging platform WeChat.

Yicai Global reported that Tencent Holdings has agreed to allow Fubon Property and Casualty Insurance Co to develop and import insurance products.

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The partnership will reportedly include property and casualty insurance products, as well as life insurance.

It comes after Life Insurance International reported in January this year that Aviva, Tencent Holdings and global investment management firm, Hillhouse Capital, are to develop an insurance company in Hong Kong, which will focus on digital insurance.

The Financial Times said the joint venture will focus on selling basic life insurance and investment products online in the territory.

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