Chinese e-commerce behemoth Alibaba on Thursday launched an Internet bank aimed at serving small businesses which often struggle to obtain credit from large banks.
MYbank, which is 30% owned by Alibaba-linked Ant Financial Services Group, will offer loans of up to 5 million yuan ($800,000).
The bank, based in Hangzhou where Alibaba is headquartered, added it will serve “small businesses, individual consumers and rural users.”
Alibaba completed the world’s biggest IPO last September with a listing on the New York Stock Exchange that raked in $25 billion and made founder Jack Ma one of China’s richest men.
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