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China's Tencent launches private online bank: report

Published Mon, Jan 5, 2015 · 09:50 PM
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Shanghai

CHINESE Internet giant Tencent, operator of the popular messaging app WeChat, has launched an online bank, a state-backed newspaper said on Monday, as the government seeks to foster private lenders.

The online bank, called WeBank, will be fully Internet-based with no physical branches, the China Daily newspaper said.

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