Tencent launches China’s first online-only bank

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 small-scale 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 pilot … …

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Source: The Financial Times