WeBank to build blockchain-based business ecosystem

WeBank, China's first private and digital-only bank, said it plans to build a world-class blockchain-based business ecosystem, as the world's leading financial institutions start to explore feasible applications for the cutting-edge technology.

Henry Ma, vice-president and chief information officer of the Tencent Holdings Ltd-backed e-bank, promised open-source code, free software and an open interface, in order to bring in partners from all industries.

He said the key for widespread adoption will be new business models.