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WeBank (China)

From Wikipedia, the free encyclopedia

WeBank
IndustryFinance
Founded2014; 7 years ago (2014), Shenzhen, China
FounderTencent, Baiyeyuan, Liye Group
Headquarters,
Key people
David Ku, CEO & Chairman
Websitewebank.com

WeBank (Chinese: 微众银行) is a private Chinese neobank, founded by Tencent, Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share. WeBank's estimated valuation is approximately US$21 billion.[1] Its CEO and Chairman is David Ku.[2]

Headquartered in Shenzhen, China, WeBank was approved by the regulatory authorities in December 2014, and began its operations in 2015.[citation needed] On January 4, 2015, Chinese Premier Li Keqiang pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank, initiating the company's first-ever loan, of RMB 35,000 (US$5600), to a truck driver named Xu Jun.[3]

Eschewing traditional bank practices, 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 Weidilai, 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.[4]

As of early 2019, WeBank was reportedly exploring options for expansion into Australia.[5]

References

  1. ^ "WeBank: China's financial unicorn". Euromoney. Retrieved 2019-10-06.
  2. ^ "How Chinese FinTech helps serve the underserved?". USC Marshall. Retrieved 2019-10-06.
  3. ^ Wildau, Gabriel (2015-01-04). "Tencent launches China's first online-only bank". Financial Times. Retrieved 2019-10-06.
  4. ^ "Tencent-Backed WeBank Penalized for Multiple Violations - Caixin Global". www.caixinglobal.com. Retrieved 2019-10-06.
  5. ^ "Chinese tech giant WeBank poised to disrupt Australian banking sector". Australian Financial Review. 2019-01-23. Retrieved 2019-10-06.
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WeBank (China)
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