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.
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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.
