A keystroke by Chinese premier Li Keqiang marked the launch of China’s first online-only bank, reflecting the government’s hope that a new crop of privately owned lenders will expand access to finance for credit-starved smaller borrowers.
WeBank, a joint venture led by Chinese gaming and social network group Tencent Holdings, became the first private bank to start operations under a new pilot, after the banking regulator granted licenses to six such institutions last year. Its name comes from WeChat, Tencent’s wildly popular instant messaging and social networking app.
An affiliate of ecommerce heavyweight Alibaba has also been cleared to launch an internet-based bank in partnership with Fosun International.
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