WeBank, a digital bank established in 2014 by Tencent and other Chinese companies, has recently been given approval to set up its wholly-owned subsidiary in Hong Kong with a capitalisation of US$150 million. The National Financial Regulatory Administration (NFRA) under the State Council granted this approval to help WeBank expand its overseas business and provide services to countries and regions covered by the Belt and Road Initiative.
WeBank’s president, Li Nanqing, will lead the Hong Kong unit, as per the NFRA statement. The move aligns with the efforts to enhance economic integration between Shenzhen and Hong Kong under the Greater Bay Area initiative, promoting financial institutions in the Qianhai economic zone to establish fintech subsidiaries in Hong Kong.
Ranked as the world’s 10th largest unicorn in 2024, WeBank boasts a valuation of 235 billion yuan (US$32.4 billion) and reported impressive financial results in the previous year. With a growing asset value of 535.5 billion yuan, WeBank continues to solidify its position as a major player in the online lending industry.