As the number of China's mobile Internet users increases, some Internet giants are vying for a greater presence in the Internet finance sector, Shanghai's Pudong Times has reported, noting that China had about 740 million mobile Internet users by the end of the first quarter, up 10.3 percent year-on-year, according to the information technology consultant Analysys International.

And one result of this is a rising demand for mobile finance and a surge in mobile financial applications so that the Internet giants Tencent, Alibaba, NetEase and Jingdong are competing for users via different financial applications.

Some applications, such as the ones from WeBank, an Internet bank with Tencent Holdings backing, and Alibaba's Ant Financial Services Group, are similar in providing deposit and equity fund products, while NetEase's application helps users manage money through auto-billing, and Jingdong's application provides individualized financial services.

In addition to these Internet giants, the Ping An Insurance (Group) Co, a leading Chinese financial services provider, also sees great potential in the mobile Internet finance sector so it is offering a mobile application for asset management.