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.
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.
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
