Tech company ByteDance is testing out a new consumer credit product that will be made available via Douyin – the original Chinese version of social media platform TikTok.
According to a 17 November report from Tech Xingqiu the Douyin app has just launched a new product called “Fangxin Hua” (放心花) which will serve as a “loan services tech platform.”
The product is currently in the testing phase, and will be made accessible to users via a wallet function on the Douyin app.
Chinese analysts say that Fangxin Hua is intended to be a rival to Ant Financial’s “Huabei” (花呗) consumer finance product.
Huabei was first launched by Ant Financial in 2014 to provide credit sums of between 500 – 50,000 yuan to shoppers on Alibaba’s e-commerce platforms.
Fangxin Jie (放心借) – an online lending product that was first launched in 2018 and made accessible via ByteDance’s Toutiao news aggregator – has previously drawn comparisons to Ant Financial’s other main online finance platform, Jiebei (借呗).