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Alibaba and bank tie up for financial services
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The Alibaba Group yesterday formed a strategic alliance with China Minsheng Banking Corp as the country’s biggest e-commerce firm extends its effort to provide financial services to online shoppers.
The tie-up allows Minsheng Bank to open a direct banking system and offer tailor-made wealth management products for Taobao users and also helps Alibaba expand in the financial service sector.
“It’s the first step for Alibaba to build an open platform to serve small business owners and ‘grassroot’ consumers,” said Peng Lei, chief executive officer of Alibaba Small and Micro Financial Services Group.
The bank will open a special section on Taobao, Alibaba’s consumer-oriented shopping site, to offer direct banking services for online shoppers. Users will be allowed to link their banking and Taobao accounts.
In June Alibaba’s payment unit Alipay let users to put their “pocket money” into a separate asset management account to earn interest while they decide their next online purchase.
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