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Tencent-backed online lender WeBank gets green light to set up fintech unit in Hong Kong
- WeBank was cleared by mainland regulators to establish its Hong Kong unit with a capitalisation of US$150 million
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Tencent Holdings-backed online lender WeBank has received regulatory approval from the mainland to set up a fintech subsidiary in Hong Kong, as the Shenzhen-based digital banking unicorn looks to grow outside its home market.
WeBank was cleared to establish its wholly-owned Hong Kong unit with a capitalisation of US$150 million, according to a statement published last Friday by the Shenzhen bureau of the National Financial Regulatory Administration (NFRA), an agency created last year under the State Council.
The Hong Kong subsidiary also received NFRA approval for WeBank president Li Nanqing to head the unit, according to a separate statement from the regulator published on the same day.
The new Hong Kong venture was formed to “respond to the country’s strategic policies”, WeBank said in a statement to the Post on Tuesday. The Hong Kong subsidiary will manage WeBank’s overseas business, and offer services to countries and regions covered by the Belt and Road Initiative, the online lender said.
WeBank said it will “strictly adhere to” relevant laws and regulations.
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