An investor looks at a computer screen showing stock information at a brokerage house in Hefei, Anhui province January 5, 2015. REUTERS/Stringer
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Chinese Internet giant Tencent, operator of the popular messaging app WeChat, has launched an online bank, a state-backed newspaper said Monday, as the government seeks to foster private lenders.The online bank, called WeBank, will be fully Internet-based with no physical branches, the China Daily newspaper said.Traditional Chinese banks already offer online banking services.Newly approved private banks include one backed by electrical component producer Chint Group in Wenzhou city, one in Tianjin city with a focus on corporate banking and a Shanghai-based bank whose major shareholder is conglomerate JuneYao Group.
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