Chinese tech giant Tencent has just submitted an application for a new fintech-related trademark that will be used for a consumer finance vehicle that will bear similarities to Ant Group’s Huabei platform.
Tencent recently applied to register the “Fen Fu” (分付) trademark, which is a homonym for the Chinese term for commanding or instructing, and can also mean “share payment.”
The application categorises the trademark as being related to “financial property management” and “communication services,” with public information from Qichacha indicating that the application is still pending.
According to domestic media report Tencent plans to use “Fen Fu” as a vehicle for allowing WeChat users to borrow funds for retail purchases and consumer spending, and provide term payments in a manner similar to Ant Group’s Huabei (花呗) platform.
Fen Fu is reportedly still in the testing phase, and will be distinguished from Huabei in its payment collections mechanisms.
The move comes following reports emerged in late May that Chinese authorities have required that Tencent set aside all of its fintech-related operations and convert them into a financial holding company in order better expedite regulatory scrutiny.