WeBank to Launch Fintech Subsidiary in Hong Kong
WeBank, backed by Tencent Holdings, has received approval to establish a fintech subsidiary in Hong Kong with a capital of one hundred fifty million US dollars. The new unit will be led by WeBank President Li Nanqing and aims to manage overseas business. WeBank, founded in 2014, is now China's largest online-only lender with a valuation of thirty-two point four billion US dollars.
WeBank, an online lender backed by Tencent Holdings, has received regulatory approval to establish a fintech subsidiary in Hong Kong.
The Shenzhen-based digital banking unicorn will inject US$150 million in capital into the new unit, according to a statement by the Shenzhen bureau of the National Financial Regulatory Administration (NFRA).
WeBank President Li Nanqing will head the Hong Kong subsidiary, which aims to manage overseas business and serve countries involved in the Belt and Road Initiative.
Founded in 2014 by Tencent and other Chinese companies, WeBank has grown to become China’s largest online-only lender, with a valuation of 235 billion yuan (US$32.4 billion) as of 2024.
The expansion aligns with Shenzhen and Hong Kong’s Greater Bay Area economic integration efforts.
The Shenzhen-based digital banking unicorn will inject US$150 million in capital into the new unit, according to a statement by the Shenzhen bureau of the National Financial Regulatory Administration (NFRA).
WeBank President Li Nanqing will head the Hong Kong subsidiary, which aims to manage overseas business and serve countries involved in the Belt and Road Initiative.
Founded in 2014 by Tencent and other Chinese companies, WeBank has grown to become China’s largest online-only lender, with a valuation of 235 billion yuan (US$32.4 billion) as of 2024.
The expansion aligns with Shenzhen and Hong Kong’s Greater Bay Area economic integration efforts.
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