#Alibaba#Bank–Alibaba Affiliate Opens Internet Bank for SMEs Looking for Capital –Alibaba Group Holding Ltd.’s financial affiliate, Ant Financial Services Group, has launched on June 25, Thursday, Internet bank MYbank, to cater to small- and medium-sized Chinese enterprises that have difficulties in obtaining creditfrom major financial institutions, according to a statement released by the company.
The statement said that Ant Financial Services Group, which owns 20 percent of MYbank and has 4 billion yuan ($644 million) of registered capital, is ready to offer loans of up to 5 million yuan ($805,503).
A spokesperson for the Ant Financial told Reuters that the bank will only be able to take in deposits, but when its facial recognition technology is approved by regulators, it will allow customers to open bank accounts remotely.
“MYbank is here to give affordable loans for small and micro enterprises, and we are here to provide banking services, not for the rich, but for the little guys,” said Eric Jing, executive chairman of MYbank.
MYbank is doing a similar move done by its Alibaba arch-rival Tencent Holdings Ltd., which started the trial operations of WeBank, China’s first online bank in January.
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