China Banking Regulatory Commission has allowed the bank to start its business, with a registered capital of USD 645 million, businessfinancenews.com reports. The announcement came when the banking sector in China is going through rapid changes. Traditional banks are now facing competition from Internet companies.
Ant Financial is one of the biggest shareholders in MYbank, having a majority stake of 30%. The company is controlled by several senior executives of Alibaba, including founder Jack Ma. The company operates an online payment platform, which provides online payment methods to customers. It also provides loans to businesses, which have opened a store on Alibaba’s websites.
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