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In China, the first web bank started to operate, keeping credit history records solely thanks to the Internet
This week, in the experimental mode in China, the first private Internet bank WeBank with an authorized capital of 3 billion yuan started operating.
Experts believe that such a platform is an attempt to create a new credit facility. The bank works exclusively through the Internet and uses face recognition technologies. At the same time, credit history is recorded through the use of various services of the Chinese Internet giant Tencent and information from social networks. The services provide statistical processing of data on the user's purchasing, media and social activity on the network, the presence or absence of Internet ownership, links with other potential borrowers, the length of the user's stay online, registration on sites, photo avatars, etc.
The main target audience is small businesses and individuals. WeBank's functions include lending, servicing deposits, processing settlements, issuing bonds and other securities, issuing bank cards and exchanging currencies.
Bank customers do not need to provide additional guarantees of their reliability, since it already has 40 trillion information Internet resources.