Just three years ago, virtual banks looked to be little more than inconsequential hype. But the internet is disrupting and reshaping China’s financial sector, and terms such as online finance’ and digital banking’ are rapidly becoming mainstream.
Chinese internet giants have secured approvals from authorities to set up privately-owned banks, ushering a new era in the traditionally tightly regulated banking sector.
Tencent and its partners Baiyeyuan Investment and Liye Group have...
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