Tencent’s WeBank Teams up with UTrust to Drive 5B Yuan in SME Lending in Guangdong Province

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Tencent-backed private lender WeBank has entered a partnership with Guangdong province financial guarantee company UTrust to drive regional financial inclusion.

On 29 October WeBank and UTrust subsidiary UTrust Financial Inclusion (Guangdong) Financing Re-guarantee Co., Ltd. (粤财普惠金融(广东)融资再担保有限公司) executed a strategic cooperative agreement in the Guangdong province capital of Guangzhou.

Under the agreement the two parties will undertake online financial guarantee operations in Guangdong Province to support micro and small enterprises and strategic development projects, with an initial cooperative credit sum of as high as 5 billion yuan.

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