Li Ka-shing’s Tom Group bares plans for ambitious internet finance venture in China

The peer-to-peer lending market on the mainland is expected to reach US$7.8 billion this year, from US$940 million in 2012, according to a report from research and advisory firm Celent.

 

The connection between Ule and WeLab was made possible last year after Tom joined California-based venture capital firm Sequoia Capital and other investors in investing US$14 million in the Series A funding – the first round of financing from external investors after seed capital – conducted by WeLab.

 

In a survey of 3,500 consumers across the mainland, consultancy McKinsey found that more than 70 per cent of respondents would open an account with a purely digital bank.

 

Curated from Li Ka-shing’s Tom Group bares plans for ambitious internet finance venture in China | South China Morning Post