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.
Go deeper with GlobalData
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
