A Shenzhen Retrospective | Part V. An entirely online bank? China's got it.
9 minutes ago
1 min read
People's Daily Online
29th October 2026
A Shenzhen Retrospective | Part V. An entirely online bank? China's got it.
By Andrew Smith
Digital wallets like AliPay. Cutting-edge banking apps. It seems that with every passing day, China becomes more synonymous with pioneering banking technology and ease of both B2B commerce and personal finance.
But on my last day in Shenzhen, I encountered an even more groundbreaking aspect of Chinese banking: visiting the headquarters of WeBank, the world's first entirely online bank.
How can a bank be entirely online? And how is an "online bank" different from a banking app, online banking portals or an electronic wallet on your phone?
Comments