Chinese tech giant WeBank poised to disrupt Australian banking sector

Australian banks have a new reason to look over their shoulders as Chinese digital-only bank WeBank moves ahead with plans to establish a foothold Down Under.

WeBank, which is valued at $US21 billion ($29.4 billion) and has written more than 100 million loans in its first five years in business, quietly began laying the foundations for its digital-only banking venture with a flurry of trademark applications on December 5 last year.

With the aid of Adelaide-based legal firm KHQ Lawyers, WeBank is seeking to trademark the phrase “WeBank” and a series of Chinese characters that can be translated into English as “microloan”. The application lists the Chinese company’s Shenzhen headquarters as the owner of the trademark.

WeBank was launched in China in December 2014 and provides digital banking services, including payments, on the popular WeChat social media platform, personal loans and savings accounts.

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Source: Chinese tech giant WeBank poised to disrupt Australian banking sector