Chinese ride-hailing firm Didi Chuxing is moving into financial services, adding mutual protection, personal credit and automobile financing products to its mobile app.

DiDi officially inaugurated a financial services unit in early 2018 to develop a range of products for passengers and drivers. The company has vowed to spend $1 billion dollars to support the growth of its financial services operation, as it pits itself against home-grown interlopers such as Alipay and WeChat as well as local banks.

The new in-app service expands the portfolio to all Chinese citizens, following successful trials in 10 cities including Chongqing, Zhengzhou and Foshan.The initial roll out will concentrate on the provision of car loans and insurance to gig-economy workers.

 This will be followed up with credit and wealth management services, drawing on data from the firm's bi-lateral transaction platform to gain insights into customer expenditure and risk profiles.