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Alibaba's affiliate receives approval to create private bank

2014-09-29 23:17:00| Telecompaper Headlines

(Telecompaper) A Chinese financial services company affiliated with e-commerce company Alibaba Group has received government approval to set up a private bank in the country. Ant Small & Micro Financial Services Group will have a 30 percent stake in the new bank. The financial firm operates e-payments provider Alipay, offers small-business loans and provides other financial services including the Yu'e Bao online investment platform for consumers.

Tags: private create bank affiliate

Category:Telecommunications

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