UPDATE 1-Alibaba finance arm Ant Financial to launch online bank in June

April 9, 2015 3:12 AM

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BEIJING, April 9 (Reuters) - Alibaba Group Holding Ltd's affiliate Ant Financial will launch its planned online bank called MYbank in June, a group executive said on Thursday, as China's internet companies increasingly encroach upon the turf of traditional banks.

The June launch was disclosed by Yuan Leiming, Ant's general manager of its finance division, in an interview with Reuters. It comes after Alibaba's arch-rival Tencent Holdings Ltd's own internet bank, WeBank, began trial operations in January this year.

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