China’s internet giant Tencent has launched the country’s first private online-only bank.

Dubbed WeBank, the new entity aims to finance credit to small scale borrowers who often find it hard to secure loans from state-owned banks.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Tencent will hold 30% stake in WeBank, investment firms Baiyeyuan Investment and Liye Group will each hold 20% stake, with the remaining 30% to be held by seven other shareholders.

China’s banking regulator last year gave green light to ten private investors, including Tencent and rival Alibaba, to set up five private banks.

 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.