Tencent Holdings Limited launched China's first online bank WeBank

Jan 7, 2015 10:02 IST

Chinese Internet giant Tencent Holdings Limited on 6 January 2015 launched China's first online bank named WeBank to boost small businesses.

The online bank aims at lowering costs for delivering practical benefits to small businesses, while forcing traditional financial institutions to accelerate reforms.

WeBank's first loan amounting to about 5600 US dollars was availed by a truck driver at the bank’s opening ceremony.

Tencent and Alibaba were among ten private investors that received a nod from the Chinese government in 2014 to launch five private banks.

The pilot program is aimed at making credit more easily available to small businesses, that often face disadvantage when it comes to availing loans from state-owned banks.

This program is part of Chinese government’s attempt to combat criticism of the current banking system, which is dominated by state-owned banks and has been accused of favouring private enterprise.

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