in

Chinese Alibaba New Internet Bank

Chinese Alibaba New Internet Bank

Alibaba Group Holding Ltd’s financial intends to be a full-fledged Chinese online financial network, with the launch of an e-commerce tracking stock index and internet bank. MYbank, opened Thursday with a promise to provide services not for the rich but “for the little guys”, is 30% owned by Alibaba-linked Ant Financial Services Group, will offer loans of up to 5 million yuan ($800,000).

Chinese Alibaba New Internet Bank
Chinese Alibaba New Internet Bank

Alibaba is China’s biggest e-commerce company, while Ant’s Alipay online payment service is the country’s most popular. Analysts say this gives Alibaba and Ant what is possibly China’s best data on consumers’ and small businesses’ finances.
The bank believes it can pass on savings to customers by cutting out the expensive processes and systems that traditional banks deal with. The service is an all-digital bank, it has no physical branches but is open 24/7.

Chinese Alibaba New Internet Bank
Chinese Alibaba New Internet Bank

It is aimed at those who tend to end up a little short changed by the existing banking system — SMEs who struggle to fit into a financial bracket for loans and services, and those in rural areas who have issues accessing branches and banks in person.

Chinese Alibaba New Internet Bank
Chinese Alibaba New Internet Bank

What do you think?

0 points
Upvote Downvote

Written by Slamchica

Aleksandra Arsenovic graduated with a degree in economics and has a master degree in tourism. Since she worked as a travel agent, she has traveled around the world and developed an interest in luxurious hotels and exotic destinations. As a big fashion fan, Aleksandra loves expensive and luxury fashion items. As an editor of Extravaganzi she shares her knowledge about travels, fashion and accessories.

Comments

Leave a Reply

Loading…

0

Comments

0 comments

Bentley Continental GT Speed Breitling Jet Team Series

Sales Launch for Rosario Candela’s 360 Central Park West