31-01-2025
- Business
- South China Morning Post
Tencent-backed WeBank eyes Web3 expansion in Hong Kong
Published: 7:00am, 1 Feb 2025 Tencent Holdings -backed online lender WeBank is leveraging its new Hong Kong subsidiary to tap the city's expanding Web3 market, according to a company executive, as the financial hub continues its pursuit to establish itself as a virtual asset hub.
WeBank Technology Services, launched this month, plans to be 'deeply involved' in developing the city's Web3 infrastructure, as it holds a 'very open' attitude towards the industry, WeBank's chief information officer Henry Ma said in an interview.
'I think Hong Kong needs a robust and regulator-friendly Web3 infrastructure,' Ma said. 'I believe we are a very good fit.'
Founded by Tencent and other Chinese firms in 2014, Shenzhen-based WeBank is China's largest online-only lender and the world's 10th largest unicorn, valued at 235 billion yuan (US$32.4 billion) last year, according to a Hurun Research Institute report published in April. Henry Ma, chief information officer at WeBank, speaks at the opening of Hong Kong Fintech Week on October 31, 2018. Photo: K. Y. Cheng
Beyond digital banking, WeBank also operates an open-source blockchain platform named FISCO BCOS, which the company said in December has more than 500 use cases in China across industries including finance, government services and education.
