(Yicai Global) July 27 -- Ping An Bank’s app, the latest version of which was released yesterday, is offering for the first time products from the wealth management arms of a number of the Chinese lender’s competitors, including Bank of Communications, Bank of China and Industrial Bank.

Version 6.0 of the app also introduces interbank repayments for credit card use, according to sources at the Shenzhen-based bank. When users buy something with Ping An’s credit card, they will get a cashback payment that can be used to repay the credit cards of Ping An or other banks.

Ping An also is cooperating with Chinese card payment giant UnionPay to allow the app’s users to check bill amounts and repayments to other banks under their own names.

The app has made a lot of improvements for elderly users, as they account for almost 6 percent of the lenders’ clients.

Banks also have used their apps as an entry point and platform for wealth management. For example, China Merchants Bank last year launched a wealth management platform on its app to meet the needs of asset managers, including public funds and the wealth management units of banks.

In the past, only mobile payment platforms such as Alipay provided interbank wealth product sales services in China. In recent years, wealth management has become critical for banks. Apart from wealth management arms, lenders have also been working with funds and trusts to grab more opportunities in the market.

Editors: Shi Yi, Peter Thomas