WeBank, China’s first digital-only bank, held the opening ceremony of its technology subsidiary in Hong Kong on Thursday, reconfirming the city’s status as the favored launchpad for Chinese mainland enterprises making a foray into global markets.

Meanwhile, WeBank Technology Services signed cooperation agreements with five partners, including enterprises from Indonesia, Thailand, Malaysia, and Hong Kong.

Li Nanqing, president of Shenzhen-based WeBank and chairman of WeBank Technology Services, said the inauguration of the Hong Kong office marks a significant start, and that it will grow into the firm’s international technology headquarters for the global market.

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WeBank’s choice of Hong Kong as a base to tap overseas markets indicates that Hong Kong is the preferred platform for mainland enterprises to go global, Financial Secretary Paul Chan Mo-po said at the inauguration ceremony.

He also sees it as a sign of the ongoing trend of Chinese mainland fintech enterprises progressively expanding globally.

With the influx of more mainland fintech and other technological firms into Hong Kong, the technology subsidiary will undoubtedly trigger more technology exchanges and mutual learning, injecting new energy into the technological innovation endeavors of Hong Kong and the region, Chan added.

Shenzhen Vice-Mayor Luo Huanghao echoed Chan’s sentiments, saying, “Hong Kong is the top choice for Shenzhen enterprises to expand overseas.” He also said that the Shenzhen government actively encourages and supports them in selecting Hong Kong as their launchpad for new ventures.

WeBank received the green light from the mainland regulator to set up the fintech subsidiary last year and registered in Hong Kong immediately with registered capital of $150 million.

The technology firm said it has successfully expanded more than 20 business opportunities and secured cooperation intention of tens of millions of dollars.

WeBank Executive Vice-President and Director of WeBank Technology Services Joe Chen said the firm is also eyeing the Southeast Asian and Middle East markets, based on Hong Kong’s operation.

“We are in talks with several banks to provide them with core banking systems and digital financial solutions,” Chen said, adding that he expects some applications soon.

It has already teamed up with Fusion Bank, one of Hong Kong’s licensed virtual banks, and developed the latter’s core banking system.

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As for the Southeast Asian market, Chen said he has recently noticed a new trend — an increasing number of small and medium-sized mainland enterprises, especially those in the consumer electronics, electric vehicles (EV) and agricultural machinery industries, are seeking international expansion, but local banks cannot fully meet their demand for supply-chain financing.

But in China, WeBank has very mature solutions and applications to assist overseas banks with the capability of technology-empowered big data models for lending loans to small and micro-businesses, so WeBank Technology Services can export the technology to banks in other regions and countries, he said.

WeBank has served more than 420 million individual customers and 5 million micro, small and medium-sized enterprises since its founding in 2014.

Contact the writer at grace@chinadailyhk.com