Tencent Launches China’s First Online Only Bank – WeBank

Tencent WeBank Total online BankAt a time when Corrupt Congress led Government in India was planning a step backwards to launch Banks on the basis of Sex, Caste Creed and Color, our neighbor China swiftly moved to regulate Online Only banks. Tencent, for instance, launched China’s first online private bank (WeBank) in a ceremony in Shenzhen on 4 Jan 2015. WeBank, which is fully internet-based with no physical branches in China, offers small loans of less than RMB1m to small- and medium-sized businesses (SMBs). Chinese premier Li Keqiang enabled WeBank’s first loan during the ceremony, extending RMB35,000 of credit to a truck driver. Full operations are expected to begin in April.

Alibaba affiliate Ant Financial also received one of five similar online private banking licenses issued in (more…)