(Yicai) Sept. 6 -- Tencent Holdings' consumer financial product Fenqi, which can be found in the WeChat Wallet section of the Chinese tech giant's instant messaging app WeChat, reportedly started a small-scale A/B testing.

Developed by Tencent's internet financial platform TenPay and other cooperative institutions, Fenqi, which means ‘installment’ in English, does not have an official launch date, The Paper reported yesterday, citing a Tencent insider. The product's preliminary screening for customers and risk control is provided by WeChat and related parties.

While rivals Ant Group and JD.Com have both cash loan and consumer loan products, Tencent only has a cash loan product. Therefore, the launch of Fenqi will help Tencent to further deepen its presence in the consumer finance field.

Tencent's revenue from the financial technology and enterprise service businesses rose 15 percent to CNY48.6 billion (USD6.6 billion) in the second quarter from a year earlier, according to the Shenzhen-based company's latest earnings report.

Revenue from the fintech business grew because of higher offline commercial payment activities, and that from the enterprise service business increased because of the revenue generated by livestreaming marketing through WeChat Channels and the slight growth of cloud services, Tencent noted.

On July 7, Tencent announced that TenPay received a CNY3 billion (USD410.3 million) fine from the People's Bank of China because of its past irregularities in providing payment services in the Chinese mainland. TenPay responded that it had completed self-inspection and rectification, and its compliance operation ability of payment business had been improved.

Editor: Futura Costaglione