Chinese Internet giant Tencent has received approval from the China Banking Regulatory Commission (CBRC) to start private banking operations in the country.
The launch of Tencent-funded Shenzhen Qianhai Weizhong Bank, also dubbed Webank, marks a gradual opening of China’s closely guarded banking sector that is currently dominated by large, state-owned players.
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Webank will only be the country’s second private lender after China Misheng Bank, according to Reuters.
The bank, which is scheduled to commence operations from December 28, has a registered capital of CNY3bn ($484.93m).
The lender will cater to owners of small and medium-sized enterprises with financial products based on WeChat and will focus on loans to individuals and SMEs.
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