Private digital-only lender eyes expansion into Australia

China's first private and digital-only bank, WeBank, is looking to expand into Australia where the banking sector is dominated by the "big four" banking groups.

The country already has a couple of digital operators, with more expected. National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia and Westpac said they welcome competition.

A spokesperson for the Australian Prudential Regulation Authority, the statutory authority that regulates the Australian financial services industry, told China Daily: "If WeBank wants to conduct banking business in Australia it would need to apply to APRA for authorization to do so."