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November 19, 2015

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WeBank seeks US$1b to expand lending

WEBANK, the online finance arm of Tencent Holdings Ltd, is looking to raise about US$1 billion to expand its lending business and other financial services, a person with knowledge of the matter said yesterday.

WeBank, launched in January, plans to hold discussions with private equity investors over the next couple of months, said the person, who declined to be named as the matter has not been announced.

Chinese Internet firms such as Tencent and e-commerce rival Alibaba Group have targeted mostly retail clients in their online banking efforts. But they are unable to provide some services for which regulators require physical premises.


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