WeBank () is a private Chinese
neobank
A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks. The term "challenger bank" is used in the UK to re ...
, founded by
Tencent
Tencent Holdings Ltd. () is a Chinese multinational technology and entertainment conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimedia companies in the world based on revenue. It is also the wo ...
, Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share. In 2019, WeBank's estimated valuation was US$21 billion.
Headquartered in
Shenzhen
Shenzhen (; ; ; ), also historically known as Sham Chun, is a major sub-provincial city and one of the special economic zones of China. The city is located on the east bank of the Pearl River estuary on the central coast of southern province ...
, China, WeBank was approved by the regulatory authorities in December 2014, and began its operations in 2015. On January 4, 2015, Chinese Premier
Li Keqiang pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank office, initiating the company's first-ever loan, of RMB 35,000 (US$5600), to a truck driver.
WeBank bank has no physical branches or outlets, and does not rely on property guarantees. Instead, it grants loans through
face recognition technology and big data credit ratings. In mid-May 2015, WeBank launched WeiLiDai (Chinese: 微粒贷, 'particulate loan'), its "micro-loan" suite of inclusive financial loan products.
In 2019, WeBank was fined 2 million yuan (US$281,710) by China's national banking regulators for violations that included irregular loan issuance, noncompliance in management appointments, and employee misconduct.
As of early 2019, WeBank was reportedly exploring options for expansion into Australia.
References
External links
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Banks of China
Companies based in Shenzhen
Chinese companies established in 2015
Tencent divisions and subsidiaries
Neobanks