Tencent-backed online lender WeBank gets green light to set up fintech unit in Hong Kong [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance
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. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. 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
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