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LequteMan
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E-commerce giant Alibaba has launched an internet bank that will loan funds to small and medium-sized enterprises, a market which is mostly ignored by major financial institutions.
MYbank, which is 30 per cent owned by Alibaba’s affiliate Ant Financial Services, will offer loans of up to five million yuan (USD 800,000), the company said in a microblog post.
MYbank has four billion yuan (USD 654.15m) registered capital, state-run Xinhua news agency reported.
Jing Xiandong, president of Ant Financial, will serve as MYbank’s board chairman.
MYbank was one of five new private banks approved by the China Banking Regulatory Commission in late 2014.
MYbank’s other shareholders include the billionaire-headed private firms like Fosun Group and Wanxiang Group.
MYbank, which is 30 per cent owned by Alibaba’s affiliate Ant Financial Services, will offer loans of up to five million yuan (USD 800,000), the company said in a microblog post.
MYbank has four billion yuan (USD 654.15m) registered capital, state-run Xinhua news agency reported.
Jing Xiandong, president of Ant Financial, will serve as MYbank’s board chairman.
MYbank was one of five new private banks approved by the China Banking Regulatory Commission in late 2014.
MYbank’s other shareholders include the billionaire-headed private firms like Fosun Group and Wanxiang Group.
