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
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Singaporeans can now buy record amount of yen per Singdollar
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
