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Johannesburg - China’s first private bank, backed by internet firm Tencent and dubbed ‘Webank’, is readying to launch as its website went live on Monday.
Tencent is the majority shareholder of the first of five approved private banks in China.
The internet company is also one of China’s biggest technology firms, providing services such as the QQ Instant Messenger and WeChat. South African media company Naspers owns more than a third of Tencent as well.
And Tencent, in turn, now owns 30% of Webank, while investment firms Baiyeyuan Investment and Liye Group each have 20% stakes in the bank. Smaller investors own remaining stakes in Webank.
China is opening up its banking sector to boost small businesses’ access to loans. Webank is expected to focus on loans to individuals and small to medium-sized enterprises according to the country’s regulators.
Webank’s website, meanwhile, currently displays a QR code that when scanned via a smart-phone displays a presentation explaining general information about the bank.
According to TechinAsia, the Webank website also displayed a translated quote that says the following:
“Are we a bank? Are we an internet company? We are an internet bank!”
No date has been given for when Webank’s operations will officially begin.
But Reuters has previously reported that local business daily Caixin said Webank would officially start its banking operations on December 28, 2014.
Prior to the launch of Webank, China Minsheng Bank was the country's sole private lender.* Fin24 is part of Media24, a subsidiary of Naspers. Naspers has a 34% stake in Tencent.
