Banking revolution in China, where for the first time loans come directly from the web. The innovation was introduced by WeBank, a new online bank and the fifth private institution to obtain authorization to operate in the country.
Yesterday in Shenzhen, during the official launch of Webank, Premier Li Keqiang pressed the "Enter" key and thus activated the first electronic credit in Chinese history. The amount transferred amounts to 35 yuan (about 4.700 euros) and the beneficiary was a truck driver named Xu Jun, who undertook to repay the principal and interest over six months at an annual rate of 7,5%. A percentage which, according to Gu Min, president of the Bank, was calculated taking into account various factors: gender, age, education, marital status and social network.
Within the next 10 years, Webank aims to perform financial services for 30 million small businesses and 300 million individual consumers. The institute – despite being active only on the internet – has hired about 450 employees, of which over 60% are experts in technology.
The Beijing government hopes the new bank will spur online competition, helping to reduce the cost and strength of state-owned financial giants, which could then be pushed to innovate their business models. The Chinese premier believes that this change could be worth between 1 and 2% of GDP.
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