China regulator approves operation of private Webank

China Banking Regulatory Commission (CBRC), the country's top industry watchdog, has given its greenlight to the actual operation of private bank Webank, a major step in deepening the financial reform.

Webank has a registered capital of 3 billion yuan (490 million US dollars) and its business scope includes personal banking, corporate banking and international banking, said the CBRC on Friday.

In the third quarter of this year, the CBRC gave the go-ahead on the establishment of five private banks including Shenzhen-based Webank and Hangzhou-based MYbank in a bid to better support the country's small and micro-businesses.

Webank, partly funded by Chinese Internet giant Tencent, is the first among them to open its doors to clients.

Previously, China had only one private bank in service, China Minsheng Bank, which was founded in 1996 in Beijing. Listed in both Shanghai and Hong Kong, Minsheng is the country's first national bank founded by private capital.