JD Finance, the financial services unit of JD.com, China’s second-largest e-commerce company, will cease operations of a student mode in its app by the end of next month, the latest in a number of retreats by China’s fintech industry amid increasing regulatory scrutiny, reports the South China Morning Post.
The youth version of JD Finance, operated by JD Technology, will go offline on March 22, according to a notice in the app. Existing users will be automatically switched to the standard version within the same app.
JD Technology launched the specialized mode in 2018 as a way to target college students with specialized services such as lower interest rates and discounts on daily necessities. Its demise is part of a “business adjustment”, according to the notice. JD.com declined to comment.