Great that china is opening up, and look forward to see how Tencent will compete in the Chinese market. Can imagine that they are well positioned to lead for the millennials and other segments of the market
Tencent has been given approval to start its banking operations, making the internet firm the first of five recently approved private banks to open its doors to clients. The launch of Tencent's private bank marks a gradual opening of China's closely guarded banking sector that is currently dominated by state giants. As part of broader efforts to channel more loans to the country's cash-starved small businesses, the banking regulator has so far approved the development more than 10 private lenders in Tianjin, Shanghai, Zhejiang and Guangdong. Shenzhen Qianhai Weizhong Bank, funded by Tencent, Shenzhen Baiyeyuan Investment Co. and Shenzhen Liye Group, had a registered capital of $484.93 million, the China Banking and Regulatory Commission said in a statement late on Friday. Known as Webank, the lender would focus on loans to individuals as well as small and medium-sized enterprises
http://uk.businessinsider.com/r-chinas-tencent-wins-approval-to-start-banking-business-2014-12?r=US
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