When you think of global leaders in digital banking, the conversation must start with Tencent-backed WeBank, the first digital-only bank in China. Launched at the end of 2014, WeBank has experienced astounding growth, with digital technology that is considered an industry best. Today, WeBank has over 200 million customers and is the leader in assets, loans, net profits, return on equity in the Chinese digital banking space.
WeBank was founded with the mission of providing “affordable, accessible, appropriate, and sustainable” banking services for underserved individuals and small businesses. As opposed to being a bank with technology advantages, it is a shining example of a technology company with banking licenses.
We were granted an exclusive interview with Henry Ma, executive vice president and CIO of WeBank who I met back in January when I visited WeBank in Shenzhen. During the interview, Ma discusses WeBank’s mission of delivering financial inclusion at scale by leveraging AI, blockchain, cloud computing and big data.
About the Banking Transformed Podcast
In each Banking Transformed podcast, host Jim Marous has candid conversations with the world’s foremost leaders on what it takes to transform financial institutions during an age of digital disruption. His guests discuss technology, channels, innovation, customer experience, leadership, culture and competitive forces that are changing the banking industry faster than ever before.
Named as one of the most influential people in banking, Jim Marous is an internationally recognized financial industry strategist, co-publisher of The Financial Brand and the owner and CEO of the Digital Banking Report. The Digital Banking Report is a subscription-based publication that provides deep insights into the digitization of banking, with over 150 reports in the digital archive available to subscribers.
As a sought after keynote speaker, author and recognized authority on disruption in the financial services industry, Marous has been featured by CNBC and CNN, Cheddar, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker and has spoken to audiences worldwide. Jim has also advised the White House on banking policy.