Alibaba-affiliated MYbank given green light to open

May 27, 2015 8:50 AM

54 0

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.

Also watch: LOOK: U.S. Open honors Arnold Palmer with flag on 18 commemorating 1960 win

Read more

To category page