China’s Didi launches credit, crowdfunding services in diversification push By Reuters

BEIJING (Reuters) – China’s Didi Chuxing has launched a set of monetary merchandise, together with crowdfunding and lending, because it continues to diversify outdoors the ride-hailing enterprise following a yr of security scandals.

The transfer comes on the heels of a company-wide reorganization introduced in December, which was geared toward bettering security on its platform in addition to working effectivity.

The new merchandise have been examined in 10 cities and have now been launched nationwide, the firm stated on Wednesday. They embrace wealth administration, credit score and lending and crowd-funding for crucial sicknesses, all geared toward short-term, short-term employees.

The merchandise deliver Didi into competitors with investor Alibaba Group Holding Ltd (N:) and expertise peer Tencent Holdings Ltd (HK:).

They additionally come as rivals together with different Alibaba-backed companies have been making a renewed push in a ride-hailing market dominated by Didi, aiming to faucet unmet demand caused by regulatory change.

Didi itself is dealing with new guidelines and elevated scrutiny from authorities after a sequence of high-profile security incidents, together with the murders of two feminine Didi passengers in separate circumstances.

As a part of a subsequent nationwide audit of ride-hailing companies, the Ministry of Transport stated Didi was “out-of-control”, and pledged to tighten driver recruitment requirements.

The firm is already in need of drivers in main cities, since laws in 2017 curbed the variety of eligible candidates.

Didi, whose backers embrace U.S. peer Uber Technologies Inc (), Apple Inc (O:) and Japan’s SoftBank Group Corp (T:), is reshuffling its home enterprise because it expands globally with new services in South America and Australia.