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Didi Chuxing forays into financial services in China

Beijing-based Didi Chuxing today unveiled a range of financial services for its passengers, drivers, car-owners and business partners in China through its mobile app.

The move is aimed at diversifying from its primary ride-hailing business and creating an edge over competitors.

The financial products cover areas like mutual protection, crowdfunding, credit and lending, wealth management and auto-financing. These also include a health insurance product that breaks down annual critical illness insurance to lower the entry barrier for gig economy workers and their families. For auto-financing, Didi plans to work with its auto-solutions business to link top-tier drivers and partners for purchasing, leasing, trading and financing services.

Didi set up its financial services unit early last year to provide financing, insurance, payments, and wealth management among other products. Trials were conducted in 10 cities including Chongqing, Zhengzhou and Foshan prior to the nationwide launch.

“On the whole, financial services are expected to help DiDi build a stronger network of collaboration and shared interests and in turn, a tighter and more efficient transportation ecosystem,” the company said in a statement.

Last month, the ride-hailing company announced organizational restructuring after it came under fire for security lapses.

Founded in 2012, Didi has a network of over 31 million drivers. It partners with Grab, Lyft, Ola, Uber, 99, Taxify and Careem to provide transportation service across over 1000 cities in Australia, Brazil, China, Japan and Mexico.

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