Chinese digital lender WeBank has revealed plans to enter the expanding Web3 market in Hong Kong. The Tencent-backed firm wants to use its subsidiary, WeBank Technology Services, to tap into the growing market in the city. WeBank is China's largest digital lender and also operates in the blockchain sector through its open-source blockchain platform, FISCO BCOS. The company's executive, Henry Ma, stated in an interview that WeBank plans to be deeply involved in the development of Web3 infrastructure in Hong Kong. The move comes as Hong Kong continues to show openness towards blockchain technology and has received approval from Beijing to develop its crypto industry. WeBank will compete with Ant Digital Technologies, a subsidiary of Ant Group, which owns blockchain outfit Zan. WeBank is also expanding its presence in other countries and regions, including partnerships with Fusion Bank in Hong Kong and Hong Leong Bank in Malaysia.



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