Internet-Only Banks in China Not Clicking Yet

(Beijing) – Last year's cyberspace grand opening for Shenzhen Qianhai WeBank, an online-only bank controlled by social media giant Tencent Holdings Ltd., looked like a brave new beginning for banking sector innovation and reform.

A similarly hopeful opening followed a few months later with the Internet launch of the no-bricks-and-no-mortar Mybank, whose parent is e-commerce giant Alibaba Holding Ltd.'s affiliate Ant Financial Services.