WeBank (China)
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WeBank, a private Chinese bank without physical branches, was founded by Tencent, Baiyeyuan, Liye Group, and other well-known private companies. Among them, Tencent is the single largest shareholder. WeBank's estimated valuation is approximately US $21 billion.[1]
WeBank is headquartered in Shenzhen, China, and was approved by the regulatory authorities in December 2014. WeBank is the first private bank and Internet bank in China.[2]
WeBank began its operations in 2015. On January 4 of that year, Chinese Premier Li Keqiang pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank, initiating the company's first-ever loan, of Rmb 35,000 (US $5600) to a truck driver named Xu Jun.[3]
The bank has neither a business outlet nor a business counter, nor does it need property guarantees. Instead, it grants loans through face recognition technology and big data credit ratings. In mid-May 2015, WeBank launched the "micro-loan" of inclusive financial loan products.
From April 11, 2018, the quota for the transfer of funds or purchase of wealth management orders to WeBank was reduced to 10,000 yuan.
As of early 2019, WeBank is reportedly exploring options for expansion into Australia.[4]
External links
References
- ^ "WeBank: China's financial unicorn". Euromoney. Retrieved 2019-10-06.
- ^ Baike Baidu. "WeBank".
{{cite web}}: CS1 maint: url-status (link) - ^ Wildau, Gabriel (2015-01-04). "Tencent launches China's first online-only bank". Financial Times. Retrieved 2019-10-06.
{{cite web}}: CS1 maint: url-status (link) - ^ "Chinese tech giant WeBank poised to disrupt Australian banking sector". Australian Financial Review. 2019-01-23. Retrieved 2019-10-06.