Tencent-backed WeBank eyes Web3 expansion in Hong Kong amid city’s virtual asset push

SCMP | Jan. 31, 2025, 6 p.m. | Original

WeBank’s headquarters in Shenzhen. Photo: Handout

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
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.

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