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Native name | 微众银行 |
|---|---|
| Company type | Private |
| Industry | Finance |
| Founded | 2014; 11 years ago (2014) |
| Founder | Tencent Baiyeyuan Liye Group |
| Headquarters | Hong Kong,China[1] |
Key people | David Ku, CEO & Chairman |
| Website | webank.com |
WeBank (Chinese:微众银行) is a private Chineseneobank, founded byTencent, Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share. In 2019, WeBank's estimated valuation was US$21 billion.[2]
Headquartered inHong Kong,[1] WeBank was approved by the regulatory authorities in December 2014, and began its operations in 2015.[3] On January 4, 2015, Chinese PremierLi Keqiang pressed the "Enter" key on a computer terminal at the Shenzhen Qianhai WeBank office, initiating the company's first-ever loan, of CN¥35,000 (US$5,600), to a truck driver.[4]
WeBank bank has no physical branches or outlets, and does not rely on property guarantees. Instead, it grants loans throughface recognition technology and big data credit ratings. In mid-May 2015, WeBank launched WeiLiDai (微粒贷,lit. 'particulate loan'), 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.[5]
As of early 2019, WeBank was reportedly exploring options for expansion into Australia.[6]
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