China Finance Online (JRJC) Active Early; Tencent Launches WeBank Platform

China Finance Online (Nasdaq: JRJC) is on watch Monday following the launch of a rival service.

The Financial Times pointed out that a Tencent-led joint venture launched WeBank, an online private bank.

In addition, an affiliate of Alibaba (NYSE: BABA) will launch on online bank in partnership with Fosun International.

China granted licenses to six such institutions in 2014.

During a launch ceremony in Shenzhen, Chinese premier Li Keqiang commented, We will lower costs for and deliver practical benefits to small clients, while forcing traditional financial institutions to accelerate reforms ... It’s one small step for WeBank, one giant step for financial reform.

One challenge for WeBank and others will be getting deposits given that they have no physical locations.

China Finance is up over 1.5 percent Monday morning.

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