Ron Burgundy Posted June 25, 2015 Share Posted June 25, 2015 By Engen Tham and Paul Carsten HANGZHOU, China/BEIJING (Reuters) - Alibaba Group Holding Ltd's financial affiliate launched on Thursday Internet bank MYbank, targeting the small- and medium-sized Chinese enterprises that have struggled to obtain credit from major financial institutions. MYbank, which is 30-percent owned by Alibaba-linked Ant Financial Services Group, has 4 billion yuan ($644 million) of registered capital and will offer loans of up to 5 million yuan ($805,503), it said in a statement. It will only be able to take in deposits when regulators approve a facial recognition technology that allow its customers to remotely open bank accounts, an Ant Financial spokeswoman told Reuters. View the full article Quote Link to comment Share on other sites More sharing options...
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