WeBank unveils HK headquarters to broaden its global reach

China’s digital payment firm WeBank Technology Services unveiled its Hong Kong headquarters on Thursday, expecting to build its global center in the city.
WeBank was established by mainland firms, including Tencent (0700), in 2014 and is the first licensed internet bank in China.

Financial Secretary Paul Chan Mo-po said in the unveiling ceremony that WeBank can leverage its successful experience and technological advantages in the mainland to bring a new vision to financial institutions in Hong Kong.

Chan added that Hong Kong is a top-pick platform for mainland companies for their overseas expansion, thanks to the city’s advantages under the one country, two systems principle.

Shenzhen vice mayor Luo Huanghao, also attending the ceremony, noted that the city supports local enterprises to choose Hong Kong as their new departure point.

Moreover, Shenzhen will make good use of the Fintech Innovation Regulatory Facility by the People’s Bank of China and the link to the Hong Kong Monetary Authority’s fintech regulatory tool to create a pilot point for fintech regulatory innovation, Luo said.

Li Nanqing, president of WeBank and Webank Technology, said the company will establish its sales, delivery and innovation center in Hong Kong to help economic integration of Shenzhen and Hong Kong and the consolidation of the city's role as an international center.

WeBank’s presence in Hong Kong can help it expand along Belt and Road countries and simultaneously assist mainland enterprises developing overseas, Li added.

The company also signed collaborations with five enterprises in Indonesia, Thailand, Malaysia and Hong Kong.

WeBank gained regulatory approval in June last year to set up its technology company headquarters in Hong Kong. The company plans to invest US$150 million (HK$1.17 billion) and create high-skilled technology jobs in the city.

STAFF REPORTER