Ron Burgundy Posted April 9, 2015 Share Posted April 9, 2015 By Paul Carsten BEIJING (Reuters) - Alibaba Group Holding Ltd's affiliate Ant Financial will launch its planned online bank called MYbank in June, a group executive said on Thursday, as China's internet companies increasingly encroach upon the turf of traditional banks. The June launch was disclosed by Yuan Leiming, Ant's general manager of its finance division, in an interview with Reuters. It comes after Alibaba's arch-rival Tencent Holdings Ltd's own internet bank, WeBank, began trial operations in January this year. Ant Financial will hold a 30 percent stake in MYbank, while subsidiaries of Fosun International Ltd and Wanxiang Group will hold 25 percent and 18 percent stakes, respectively. View the full article Quote Link to comment Share on other sites More sharing options...
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