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ALIBABA may set up Internet-based bank
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Alibaba Group may become the first Internet company to enter China's banking industry after the annual session of the National People's Congress, according to media reports.
Hangzhou-based Alibaba may receive the green light to establish an Internet-based bank, one of two private banks to be setup in Zhejiang Province. The other will be controlled by more than 10 private companies from Wenzhou, Great Wisdom News Agency report today, citing unnamed sources.
Bankers and market watchers have hotly debated whether Alibaba's Yu'ebao, a wealth management tool for online shoppers, has disturbed the order of the financial industry.
Zhou Xiaochuan, governor of the People's Bank of China, said financial products like Yu'ebao will not be banned, but added regulations on Internet finance will be strengthened.
The China Banking Regulatory Commission said two months ago it will approve up to five private banks this year under a trial. The candidates will be reviewed and granted licenses on a case-by-case basis.
Market watchers expect the licenses to be issued after the NPC meeting.
Shang Fulin, chairmen of the CBRC, said in Beijing yesterday that there are no legal obstacles for private capital to invest in the banking industry.
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