WeBank runs into bad weather

Regulatory hurdles hampering online private bank's expansion after identity process halted

WeBank, China's first Internet-based private bank, appears to have hit the buffers, nine months after it was approved for operations, as existing regulations are hampering its growth, sources said on Friday.

Under the current regulations, customers who want to open accounts in online banks need to do so with a debit card issued by a traditional bank, due to safety concerns.