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Alibaba Finance Arm, Juneyao Airline Both Get Private Bank Approval

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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An employee walks past a logo of Alibaba (China) Technology Co. Ltd during a media tour organized by government officials at its headquarters on the outskirts of HangzhouBEIJING/SHANGHAI (Reuters) - Alibaba Group Holding Ltd's finance arm has been given government approval to set up a private bank, China's banking regulator said on Monday, the latest step in the e-commerce company's push into the financial services sector. Zhejiang Ant Small & Micro Financial Services Group, an Alibaba affiliate that contains the company's Alipay payment processing and financial services arm, will hold 30 percent of the bank, the regulator said. Other partners will hold the remainder. Shanghai JuneYao Group Co Ltd [sHJYG. ...




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