Webank is China's first Internet-based bank. Its establishment marks a major step in deepening reform in the financial sector, one that's being constantly transformed by the Internet.

Webank was approved by the country's regulators in July, 2014. Five months later, it was granted a banking operation license. And last month, its official website was launched, with just a simple QR code, so you can scan and open it on your smart phone. The online-only bank has a registered capital of three billion yuan, or around 480 million US dollars.

Tencent Holdings, which operates China's most popular online chatting service, is the largest shareholder, while others include Shenzhen Baiyeyuan Investment and Shenzhen Liye Group. The bank will mainly focus on financial services, including deposit and loan services to individual consumers as well as micro- and small-sized enterprises rather than chasing big companies and people with big assets.

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