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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

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.


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-...

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