Tencent-backed online lender WeBank has just issued a new credit card product that specifically targets micro-and-small enterprises.
WeBank said that the “WeBank Enterprise + Card” (微众企业+卡) is a “digital bank card especially designed for micro and small enterprises (MSE’s),” that aims to help resolve their financing difficulties and reduce operating costs.
According to WeBank its clients will be able to apply for the product online via its “WeBank Enterprise Aipu” app, and obtain approval for issuance within as little as three minutes.
The “Enterprise +” card will provide reduced interest rates for loans to MSE’s, as well as discounts on services costs and processing fees.
The release of the card arrives amidst a push from the Chinese central government to expand financing for smaller private businesses in China, in a bid to keep the economy on an even keel in the wake of COVID-19.
Digital lenders backed by the tech giants are playing a key role in these efforts, with the Chinese Communist Party’s People’s Daily previously lauding WeBank for its “exemplary financial inclusion.”