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Alibaba-Minsheng alliance to open direct banking on Taobao
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Alibaba Group today formed a strategic alliance with China Minsheng Banking Corp as China's largest e-commerce company took a step closer toward offering financial services to online shoppers.
The alliance would allow Minsheng Bank to open direct banking system and offer tailor-made wealth management products for Taobao users.
In June Alibaba's payment unit Alipay started allowing users to put their “pocket money” in a separate asset management account to earn some interest while they contemplate their next online purchase.
The partnership with Minsheng Bank means a further step for Alibaba to move into the financial service sector.
"It's the first step for Alibaba to build an open platform to serve small business owners and grassroots consumers," said Peng Lei, chief executive officer of Alibaba Small and Micro Financial Services Group.
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