China’s first Internet bank to open soon

Global Business

WeBank, China’s first Internet-only bank, is busy testing its operating systems, before officially opening its virtual doors to customers in a few months. CCTV’s Ai Yang reported this story from Shenzhen.

China\'s first Internet bank to open soon

China\'s first Internet bank to open soon

WeBank, China's first Internet-only bank, is busy testing its operating systems, before officially opening its virtual doors to customers in a few months. CCTV's Ai Yang reported this story from Shenzhen.

Jointly founded by Internet giant Tencent Holdings, Shenzhen Baiyeyuan Investment Co., and the Shenzhen Liye Group, WeBank’s unique business model has many eyeing the opening closely. A year ago, the China Banking Regulatory Commission gave it’s first approval to set up five private banks as part of the government’s reform of the finance sector.

“Our target clients are people who need smaller amounts of loans from several hundred dollars to more than $160,000 to young people, micro enterprisers and blue collar workers,” President of WeBank Cao Tong said. “China’s banking sector as a whole has been improving customer experience for such groups and WeBank hopes to do the same. As we operate on the Internet, we hope the technology will help increase efficiency, cut costs and in turn give customers better rates.”

The company will use face-scanning technology to verify account holders’ identities online.

The Internet bank takes pride in its large data resources, including a potential customer base of 300 million paying Tencent customers, and a further one-third of the entire Chinese population, who use Tencent tools to chat and to play games.


Derek Scissors of AEI discusses private banks in China

CCTV America interviewed Derek Scissors, resident scholar at the American Enterprise Institute, about banking changes in China.

Derek Scissors of AEI discusses private banks in China

Derek Scissors of AEI discusses private banks in China

CCTV America interviewed Derek Scissors, resident scholar at the American Enterprise Institute, about banking changes in China.