Toutiao launches loan service platform

Jinri Toutiao, or Toutiao, recently launched a platform called “Beiyongjin” (Backup Fund), which could provide loan service technology.

Jinri Toutiao, or Toutiao, recently launched a platform called “Beiyongjin” (Backup Fund), which could provide loan service technology.

Before that on July 15, Shenzhen Zhongrong Microcredit Co., Ltd. under ByteDance obtained an online microcredit license in Shenzhen.

Users can find the mini program of the platform by searching “Beiyongjin” in the Jinri Toutiao app. The slogan of the platform is “We are your emergency wallet”.

The platform was developed by Beijing Weilaishijie Technology Co., Ltd, which was suspected to be under the control of the founder of ByteDance, Zhang Yiming.

The loan limit of the “Beiyongjin” is said to be 500 yuan, which supports recurring borrowing under the existing limit, and can be credited in as fast as 5 minutes.

More borrowing will increase the loan limit. It is still not clear whether the use of this product will be linked to personal credit record.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/03/toutiao-launches-loan-service-platform/.

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