MYbank gets green light to open
Print Edition
CHINA has approved the opening of Alibaba-backed Internet bank “MYbank,” in the latest development of a pilot program to bring in private players in the state-dominated sector.
MYbank, mainly funded by Zhejiang Ant Small and Micro Financial Services Co owned by Alibaba Chairman Jack Ma and his colleagues, has a registered capital of 4 billion yuan (US645 million), according to the approval document by the Zhejiang Banking Regulatory Commission.
Other founders include Shanghai-based conglomerate Fosun Group, China’s largest auto parts supplier Wanxiang Group and Ningbo Jinrun Asset Management Co.
MYbank will focus on financial services for small and micro business, as well as online consumers through the Internet. No physical branches will be opened, according to the document.
Specifically, the bank will target financial products for deposits below 200,000 yuan and loans of less than 5 million yuan.
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