(Yicai Global) Dec. 11 -- Ehi Car Services and WeBank, an online bank set up by several firms led by Tencent Holdings, have formed a partnership to develop and apply fintech in the travel sector.
Both parties will jointly innovate and cooperate on car travel, membership services, financial insurance, blockchain technologies and other fields, Ehi Car told Yicai Global. The Shanghai-based company did not say when the two parties signed the agreement nor did it provide any other details.
Insiders note that there is much room for growth of financial services in China's sector amid a steady rise in incomes. Integrating the technologies of facial recognition and verification and payment owned by WeBank into car rental services will optimize and improve user experience, while the bank's risk control system based on Big Data will also bring new changes to the car rental scene, they added.
The two companies have already started cooperating in the field of blockchain technologies and will work together to build consumer trust on a higher level, promote the close combination of products, services and customers by creating a brand new way of connecting banks and companies.
Founded in 2006, Ehi Car's businesses cover long-term corporate rentals, vehicle team management, short-term individual hires, the use of cars for conferences and conventions and other sectors. It directly operates more than 4,000 stores in more than 300 cities across China, with over 200 car models in use.
Jointly set up by Tencent and several private companies, Shenzhen-based WeBank started in 2014. It is China's first internet bank, without real operating branches or bank counters. WeBank mainly provides loan services for individuals and micro- and small-sized firms and offers the loans completely through facial recognition technology and credit ratings based on Big Data.