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Alibaba affiliate launches Internet bank for SMEs

MYbank has four billion yuan of registered capital and will offer loans of up to five million yuan

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MYbank will only be able to take in deposits when regulators approve a facial recognition technology that allows its customers to remotely open bank accounts.

Hangzhou

ALIBABA Group Holding Ltd's financial affiliate on Thursday launched Internet bank MYbank, targeting China's small and medium-sized enterprises (SMEs) that have struggled to obtain credit from major financial institutions.

MYbank, which is 30 per cent owned by Alibaba-