Tencent-backed WeBank to establish tech HQ in HK

Tencent’s Shenzhen-based digital bank WeBank (微眾銀行) has established its technology company headquarters in Hong Kong.

The technology headquarters will serve as a base for its research and development (R&D) activities and provide commercialising technology solutions for global markets.

WeBank's technology headquarters setup has been assisted by the Financial Services and the Treasury Bureau (FSTB) and Invest Hong Kong (InvestHK).

The bank has also planned to invest up to US$150 million and create high-skilled technology jobs in the city, according to the Invest Hong Kong. 

As Hong Kong is a key participant, contributor and beneficiary in the Belt and Road Initiative, it was chosen by WeBank for its high aspirations and readiness to embrace frontier technologies and build a vibrant fintech ecosystem, as well as the well-established international financial services sector of the city.

Li Nanqing, president of WeBank, 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. We look forward to collaborating with local partners, stakeholders and attracting talent on this exciting next step of our journey," Li added.

Alpha Lau, director-general of InvestHK, said: "The establishment of WeBank's operation in Hong Kong has been the result of extensive coordination between the FSTB and InvestHK to ensure that the company is well positioned for success upon commencing its activities in our city.”

"The numerous strategic enterprises that have recently announced the opening of international R&D centres 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.

Launched in 2014, WeBank is a digital-only and privately funded bank formed by Tencent and several Chinese companies. It is focused on fintech innovation, with specialised capabilities in core and emerging technologies such as AI, blockchain, cloud computing, and big data.

WeBank serves over 4.5 million micro, small and medium-sized enterprises, and nearly 400 million individuals in Mainland China, according to the release.

Photo courtesy: WeBank's official Facebook page

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