Ant Group has become the most valuable financial technology enterprise in China with a value of 2.1 trillion yuan. Credit Suisse expects Ant’s revenue to grow at 34% CAGR from 2019-2022e with digital fintech services as the key driver.
Headquartered in Shenzhen and founded in 2014, WeBank is a private Chinese digital bank, founded by Tencent, Baiyeyuan, Liye Group, and other companies.
Tencent is the single largest shareholder, with an estimated 30 percent ownership share.
Its CEO and Chairman is David Ku.
Eschewing traditional bank practices, WeBank bank has no physical branches or outlets and does not rely on property guarantees.
Rated as "A3" by Moody's and "BBB+" by S&P in 2019, WeBank grants loans through face recognition technology and big data credit ratings. In mid-May 2015, WeBank launched Weidilai, its "micro-loan" suite of inclusive financial loan products.
On the basis of making 2.474 billion yuan in 2018, the net profit of WeBank increased by 59.64% to 3.95 billion yuan last year.