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

WeBank chief information officer Henry Ma said the virtual bank will be “deeply involved” in developing Hong Kong’s Web3 infrastructure

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WeBank’s headquarters in Shenzhen. Photo: Handout

Published: 7:00am, 1 Feb 2025

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

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.