China’s WeBank finds growth in Southeast Asia, mining high digital banking demand

WeBank Technology Services, a fintech subsidiary of Tencent-backed Chinese online lender WeBank, experienced significant revenue growth last year due to mounting demand for digital banking infrastructure in Southeast Asia, revealed a senior executive. WeBank Technology, which launched in Hong Kong in June 2024 to serve markets within Beijing's Belt and Road Initiative, observed rapid expansion in countries like Indonesia, Malaysia, and Thailand, stated WeBank senior vice-president Joe Chen during an interview.

The surge in growth was attributed to a "massive gap" between available digital banking technology and the rising demand in emerging markets, according to Chen. Local institutions encountered hurdles related to technology, talent, and business models during their digital transformation journey, he added.

In Indonesia, WeBank Technology's partnership with a local bank increased the bank's revenue and profit fourfold over the past two years, reported Chen. The bank's customer base also multiplied fivefold in the same period, thanks to WeBank's advanced technology. As the largest online-only lender in mainland China, WeBank reported a revenue of 36.3 billion yuan (US$5.5 billion) and a net profit of 11 billion yuan in 2025, as per its latest annual report.

In June, a Hurun annual ranking valued WeBank at 22.5 billion yuan, positioning it as China's seventh-largest unicorn.

WeBank Technology customized its services to cater to the financial requirements of Chinese enterprises expanding abroad, Chen explained. For instance, the company assisted Southeast Asian banks in managing auto loan risks for Chinese electric vehicles by leveraging the vehicles' smart features for debt collection. Hong Kong served as an ideal hub for WeBank Technology's global expansion due to its common law legal system and entrepreneurship-friendly environment, Chen noted.

The Asian financial center unveiled a five-year fintech strategy in November last year during Hong Kong's annual Fintech Week conference, promising advancements in artificial intelligence, tokenization, and data and payment infrastructure.

While pursuing continued expansion in Southeast Asia, WeBank Technology intends to explore Central Asia and South America in the future, according to Chen. "We are committed to these markets because the Belt and Road Initiative countries trust China and Chinese technology," Chen asserted. He further mentioned that the company had no immediate plans to enter Europe or the United States.