What is the name of China's first online bank launched by Tencent Holdings Limited?
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On 6 January 2015 Tencent Holdings Limited launched China's first online bank WeBank. The online bank aims at lowering costs for delivering practical benefits to small businesses, while forcing traditional financial institutions to accelerate reforms. Tencent and Alibaba were among ten private investors that received a nod from the Chinese government in 2014 to launch five private banks. WeBank's first loan amounting to about 5600 US dollars was availed by a truck driver at the bank's opening ceremony.
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