Tencent-Backed WeBank to Set Up Tech Company HQ in Hong Kong
Xu Wei
DATE:  Jul 10 2024
/ SOURCE:  Yicai
Tencent-Backed WeBank to Set Up Tech Company HQ in Hong Kong Tencent-Backed WeBank to Set Up Tech Company HQ in Hong Kong

(Yicai) July 10 -- WeBank, which is backed by Chinese tech giant Tencent Holdings, will locate its technology company headquarters in Hong Kong, the government of the Chinese special administrative region said today.

China’s first private and online-only lender plans to invest as much as USD150 million and create high-skilled tech jobs in Hong Kong, the local government announced in a press release.

WeBank received approval to set up a unit in Hong Kong last month. The new HQ will serve as a base for research and development, providing commercialized technology solutions for the global market.

As an active participant, contributor, and beneficiary of China’s Belt and Road initiative, Hong Kong is committed to embracing cutting-edge technology and building a thriving fintech ecosystem, the government said, adding that the city also boasts a mature international financial services industry, which is partly why it was chosen by WeBank.

“The establishment of WeBank's operation in Hong Kong has been the result of extensive co-ordination between the Financial Services and the Treasury Bureau and InvestHK to ensure that the company is well positioned for success upon commencing its activities in our city,” said Alpha Lau, director-general of InvestHK.

“The numerous strategic enterprises that have recently announced the opening of international research and development centers and headquarters in Hong Kong is clear evidence that our city possesses clear advantages in enabling globally scaled companies to achieve their ambitions,” Lau added.

“InvestHK warmly welcomes WeBank and remains fully committed to facilitating the establishment and growth of forward-thinking enterprises in our dynamic and vibrant business environment,” she said.

WeBank President Li Nanqing said: “Hong Kong has emerged as a centre of excellence in global business connectivity and financial technology innovation. It offers us an ideal environment to advance our innovation and expand our international footprint.

“We are excited to contribute to and benefit from the city's dynamic fintech ecosystem, robust infrastructure, and strategic connectivity,” Li said. “We look forward to collaborating with local partners, stakeholders and attracting talent on this exciting next step of our journey.”

Shenzhen-based WeBank was launched in 2014 by Tencent and several other Chinese firms. It has almost 400 million individual users in the Chinese mainland and has received loan applications from over 4.5 million small and medium-sized enterprises.

Editor: Tom Litting

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Keywords:   WeBank,Hong Kong