Alibaba-affiliated MYbank given green light to open

May 27, 2015 8:50 AM

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SHANGHAI May 27 China's banking regulator has granted permission to operate to MYbank, the online bank affiliated with Chinese e-commerce giant Alibaba Group Holding Ltd.

Alibaba-linked Ant Financial said in April it planned for the bank to launch in June as China's internet companies increasingly encroach upon the turf of traditional banks.

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