Select Page

Best Online Banks in China 

Over the last 5 years online banking has become more popular around the world, and China is no different. Both traditional banks and fintech companies don’t want to fall behind.

Online banks don’t have any branches at all. Instead, customer service is available around the clock and automated systems take the place of branches. Therefore, in many parts of the world, the popularity of challenger banks has forced traditional banks to start offering digital versions of their own financial services.

You might be curious about how digital banking works in China. Moreover how does it compare to the services that traditional banks already offer, and what actually are the best online Banks in China.

Best online Banks in China

We looked into dozens of mobile-only banks from Asia and other parts of the world, and made a list of the best ones. There are four banks that stand out because they already have a large number of customers.

Businesses who offer financial services  In the West, banks are usually started by people who offer financial services or new businesses. No, in China the big companies that own ecosystems like WeChat, Baidu, Taobao, and Xiaomi, are the ones who have started online banks.

These conglomerates have added digital banks to their existing ecosystems and, more importantly, to their existing customer bases. This made it easy for digital banks to grow.

So, China’s state-owned banks usually focuse on state-owned enterprises.  Also included are other big businesses, leaving small and medium-sized businesses, entrepreneurs, and people living in China’s less-developed rural areas. With, few or no options for loans and other banking services and financial products.


Best Online Banks in China

Aibank bank - logo


Aibank (Baixin Bank)


  • Started in 2017
  • Founders: China CITIC Bank (70%) and Baidu (30%)
  • Headquarters: Beijing, China
  • Banking, savings accounts, mortgages, and loans for businesses


  • Digital bank account
  • Transfers of money
  • Loans with personal credit
  • Loans for business
  • Wealth management
  • Payments to merchants and wallets

Aibank, which is also called Baixin Bank, is a partnership between China’s Citic Bank and Baidu, which runs a search engine. Citic owns 70% of Aibank, while Baidu owns the rest.

When it opened in 2017, it was the first online bank in China that was controlled by the government. It is a kind of test bed for how China’s huge banking system will change in the future.

Aibank started out by lending money online to consumers and small businesses. Since then, the bank has come out with many other financial products, like the QuickPass card, which combines payments, credit, and wealth management.

That id to say, the bank has also worked to help rural areas and farmers get access to financial services. In the first 20 days after online registration opened, it gave out more than 100 million yuan in loans to farmers.

In May 2020, Canada Pension Plan Investment got permission to buy 466 million shares of Aibank, which is 8.27% of the bank’s total equity.

As a result, the company has more than 50 million users and handles more than 300 billion yuan in credit.

MYBank bank - logo



  • Founded: 2015
  • Founders: Ant Financial, Shanghai Fosun Industrial Technology Development Co., Wanxiang Sannong Co., and Ningbo Jinrun
  • Asset Management
  • Headquarters: Hangzhou, Zhejiang, China


  • Personal loans
  • Loans for small businesses
  • Loans for Taobao sellers
  • Online merchant loans

In 2015 MyBank, which stands for which stands for Zhejiang Network Merchants Bank Co. Started operating and is best known as the bank for Ant Group, also known as Alibaba.

Therefore, it mostly helps people in rural and urban areas, who don’t have access to banks and small businesses, that have been left behind in the past.

That is to say, MYBank is a real digital bank that doesn’t have any branches and doesn’t use apps for banking. It’s also a big part of the e-commerce ecosystem of Alibaba Group, especially Taobao and Alipay.

The bank also uses big data analytics to offer and give people and small and medium-sized businesses (SME) customized financial services. The algorithm uses data about payments in real time and systems for managing risks that look at more than 3,000 different factors.

By 2019, MYBank lent 2 trillion yuan ($290B) to almost 16 million small companies, with a default rate of around 1%.

WeBank - logo



  • Founded: 2014
  • Founders: Tencent (30%), Baiyeyuan,
  • Liye Group, and others
  • CEO: David Ku
  • Headquarters: Shenzhen, China


  • Banking
  • Personal loans
  • Microloans
  • SME banking and loans
  • Auto loans
  • Wealth management

Most importantly, WeBank is the first online bank in China. It was started in December 2014 by Tencent, Liye Group, Baiyeyuan, and other companies. Tencent owns about 30% of the bank. Even though WeBank is backed by more than one company, it is seen as a Tencent company.

WeBank is a real bank that only works online. Therefore, it doesn’t have any stores, cafes, or branches. There is only a mobile app that can be used for banking and loan applications.

So, this Chinese digital bank is also pretty unique because it doesn’t need property as collateral. Instead, it gives loans to both individuals and businesses, based on their credit ratings and face recognition technology.

In addition, WeBank is the clear leader in digital banking in China, because it has the most assets under management, the most loans, the best return on equity, and the fewest loans that aren’t paying back. Therefore, WeBank can be counted as one of the best online banks in China. 


XW Bank - logo

XW Bank


  • Founded: 2016
  • Founders: New Hope Group holding ( 30% stake) and Xiaomi Corporation (29.5%)
  • CEO: David Ku
  • Headquarters: Chengdu, China


  • Business banking
  • Up to 200,000 yuan in personal loans
  • There are up to 60 payments
  • Apply by WeChat

Meanwhile, Sichuan Xinwang Bank, also known as XW Bank or Xinnet Bank, was started in December 2016, and was only the third bank in China to get a license to operate as a digital-only bank.

Subsequently, it is the first private bank in Sichuan Province, and the seventh private bank in China, that has been approved by the China Banking Regulatory Commission. Most of the bank’s customers come from small towns and cities in the third or fourth tier.

WeChat is a very important way for XW Bank to find customers and get loan applications. The company rates customers based on how well their ecosystems have worked in the past. Therefore, it automatically gives loans to people and businesses that the system approves.

For risk modeling of micro and small businesses, the bank also uses five different kinds of information:

  • Records from the Industry and Commerce Bureau
  • Information about business and how it works
  • Information on tax records and invoices
  • Information from the government and the courts

Benefits of online banking in China

There are many names for online banks.

To name but a few: Mobile banks, neobanks, challenger banks, digital banks, virtual banks.

So most of the benefits of China’s challenger banks come from the fact that digital banks are trying to fix some of the problems in the traditional banking industry.

The fact that banking hasn’t been available to people with low incomes, small businesses, farmers, or high-risk customers with no or little credit history, especially in rural areas, is a big problem.

The application process has also changed, because of digital banks. It is now much faster, requires less or no paperwork, and can be done completely online. Therefore, usually, you have to download a banking app, enter your personal information, and prove who you are with a photo or video.

It’s usually done through the bank’s other apps, like Taobao, WeChat, Baidu, or Xiaomi.

To sum it up, your application can be approved and your account can be open in a few minutes or hours. You have to agree that this is a much easier and more convenient way to apply than the way that has been done in the past.

“The Most Reliable source for accurate rates and financial info”

abc news
the new york times
usa today