Chinese tech company Tencent's online finance arm WeBank is reportedly seeking to raise some one billion U.S. dollars to expand its financial services.
The Wall Street Journal reports that WeBank is in discussions with outside investors for investments that could value it around 5 billion U.S. dollars.
This after Internet search provider Baidu announced a partnership with CITIC this week to set up a direct bank, which is a bank without any branch network, offering its services mostly online.
At the same time, Taiwan-based Foxconn is also getting into the financial services business.
The firm says it's planning to start bundling the loan agreements it has with electronic component suppliers and begin selling them as derivatives.
The company set up 6 financial-services operations in China last year, which provide loans and other financing services to its suppliers.
For more on Chinese tech firms venturing into the online banking sector, we are now joined on the line by Cao Can, CRI's financial commentator.
