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
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-linked Ant Financial Services Group, has four billion yuan (S$865.1 million) of registered capital an…
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