WeBank, China's first Internet-based bank,launched its first loan product on Friday night.
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The product, named "Weilidai", provides small credit loans to users free of guarantee or collateral, said Chen Jing, an executive at WeBank.
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It could provide 24/7 service via QQ wallet, a mobile payment service, and allows users to borrow and repay the money anytime with a daily interest of around 0.05 percent.
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The Internet bank does not specify the loan ceiling of this service. Currently, the service on trial is not available to all users.
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Chen said WeBank will expand its use gradually in the future.
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The bank will control default risks via big data collected by social networking platforms or by the third party.
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In the next step, WeBank will launch more services related to money management and payment to meet the demands of users, said Chen.
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Based in the southern city of Shenzhen, WeBank has registered capital of 3 million CNY (482,276 USD). Tencent, which operates the popular messaging apps WeChat and QQ, holds a 30 percent majority stake in it.Â