China Boots Up an Internet Banking Industry

Tencent and Alibaba Usher In Cyberspace Borrowing

Premier Li Keqiang recently launched a new era for banking in China by ceremonially pressing the "confirm" button for a 35,000 yuan loan issued to a Shenzhen truck driver.

Li's gesture on January 4 on behalf of Shenzhen Qianhai WeBank was the inaugural transaction for the country's first no-bricks, no-mortar, 24-hour, Internet-only bank.