WeBank: China’s first online-only bank

Chinese Yuan

“It’s one small step for WeBank, one giant step for financial reform” said Chinese Premier Li Keqiang after the launch of the country’s first online-only bank, a joint venture headed by Tencent Holdings Limited, best-known outside China for its popular instant messaging and social networking app, WeChat. WeBank is the first private bank to pilot online operations after becoming one of six institutions that were granted licences to do so last year.

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