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China’s Didi Ventures Into Financial Services

The largest ride providing company of China has now ventured into a different business. It would be offering users health insurances as well as loans on the same app. On January 2nd 2019, Didi Chuxing has given a list of financial services to get into new branches of earning like auto financing or management of wealth products. The trials had begun since early 2018. Before the services were released across the country, trials ran in 10 cities in China which included Zhengzhou or Chongqing.

Didi has stated that the services would be very reliable as well as creative financial products in the period of latest economy and tentative employment. This step has put Didi against more experienced companies such as tech company Alibaba at a crucial time when ride providing business is getting lot of pressure from government and public.

There were murders of two female passengers of Didi the previous year. It had caused a lot of rage in the public and had forced Uber out of the territory of China. It also led to a suspension of several services. Besides, the company had to add latest measures of safety. These deaths had caused minute inspection of the ride providing business by the authority of China. With the entry of Didi into the new services, a sturdy network of cooperation is being expected from customers. Didi is supported by SoftBank and Apple. Other new products such as health insurance are being hoped to give back a wonderful response. The new services are designed to make the entry obstruction lesser huge economy workers.

Besides Didi, other firms have also made attempts to get out of the sole business of ride-providing. Grab is another company who purchased the entire business of southeast Asia of Uber has recently taken interest into healthcare and digital payments.

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