Tencent Holdings has unveiled the first private Internet bank, following a trial program by the Chinese government that allowed five private banks to be established.

Going with the same naming convention Tencent uses for all its mobile products, WeBank will offer various banking services to customers, local and international businesses. Tencent unveiled the bank on the WeBank app, currently a placeholder with a QR code, revealing some of the features on WeBank.

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WeBank will focus on mobile users, and should work similar to the way most online banks in the west like PayPal do. Tencent will hold customer's assets, allowing them to have more control over loans and interest rates.

Tencent owns 30 percent of WeBank, and investment groups Baiyeyuan Investment and Liye Group hold 20 percent each. Seven other investors make up the other 30 percent share, cumulating at 3 billion RMB ($482 million) invested in the bank.

Alibaba is the other Chinese Internet company working on a private bank, and will most likely have a better outlook on the operation, considering the main business of Alibaba is ecommerce and not messaging.

Baidu, Alibaba and Tencent already offer various interest saving funds for customers, and Alibaba and JD offer small loan programs and credit systems for users.

Tencent has not given a firm date on when WeChat will be available in Mainland China or to international customers.

TagsTencent Holdings, WeBank, private bank