Asia Tech Wire (July 10) -- Tencent-backed online lender WeBank plans to invest up to $150 million in Hong Kong.

The Hong Kong government on Wednesday welcomed WeBank's move to set up its tech unit's headquarters in the city, as well as its plans to create high-skilled tech jobs.

Shenzhen-based WeBank will use the headquarters will serve as a base for its research and development activities to commercialize technology solutions for the global market.

In June, the Shenzhen branch of China's National Financial Regulatory Administration (NFRA) said it had given in-principle approval for WeBank to contribute $150 million to set up a tech subsidiary in Hong Kong.

Founded in 2014, the internet bank now serves nearly 400 million individual users on the Chinese mainland, with a cumulative total of more than 4.5 million micro, small and medium-sized enterprises applying for its loans.

WeBank had 16 corporate shareholders as of the end of 2023, with Tencent as the top shareholder with a 32.73% stake, according to its financial report.