WeBank (微众银行) (full name “Shenzhen Qianhai WeBank Share Limited Company” [深圳前海微众银行股份有限公司]) is a Shenzhen-based fintech company that is China’s first privately operated bank and internet bank.
WeBank was established on 16 December 2014 by online giant Tencent in collaboration with Baiye Yuan (百业源) and Liye Group (立业集团).
The China Banking Regulatory Commission (CBRC) publicly announced on 12 December 2014 that it had given Tencent approval to launch China’s first internet bank, and WeBank’s official website subsequently came online on 28 December 2014.
WeBank has registered capital of 3 billion yuan, with Tencent serving as the largest shareholder by holding a 30% equity stake.
Its Wei Li Dai (微粒贷) financial product was the first in China to provide consumers with a complete online lending process, from application and approval to the provision of funds.
Borrowers are not required to provide collateral or security for credit, and instead only need to provide their identification numbers and mobile phone numbers in order to obtain consumer loans of between 500 to 200,000 yuan.
The product has achieved immense popularity by leveraging the vast user base of Tencent’s WeChat and QQ social media and messaging platforms.
On 15 August 2015 WeBank officially launched the WeBank app, and has since launched the Wei Che Dai (微车贷) online vehicle finance product.
Chairman: Gu Min ( 顾敏).
Bank president: Li Nanqing (李南青)