Alibaba affiliate launches Internet bank for SMEs

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 and will offer loans of up to five million yuan, it said in a statement.