MYbank set for June launch
Source: Agencies |
April 10, 2015, Friday
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Print Edition
Print Edition
ALIBABA Group Holding Ltd’s affiliate Ant Financial will launch its planned online bank called MYbank in June, a group executive said yesterday, as China’s Internet companies increasingly encroach upon the turf of traditional banks.
The June launch, disclosed by Yuan Leiming, Ant’s general manager of its finance division, comes after Tencent Holdings Ltd’s own Internet bank, WeBank, began trial operations in January.
MYbank’s launch seeks to build a full-fledged Internet finance platform for services like banking, loans and credit, insurance, payment systems and investment.
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