MYbank, the two-year-old Chinese online lender that already has 3.5 million small-business customers, plans to push deeper into a segment that’s long been shunned by the country’s largest banks. MYbank wants to capitalise on its links to billionaire Jack Ma’s Alibaba Group Holding by offering loans to the more than 10 million smaller merchants that use the company’s e-commerce platforms, MYbank President Huang Hao said in a June 29 interview. Ant Financial, Alibaba’s financial affiliate, owns 30 per cent of the online lender. Huang is looking ...
MYbank deepens push for businesses big banks won't touch
Wants to capitalize on links to Alibaba Group by offering loans to small merchants using e-commerce
Bloomberg Last Updated at July 4, 2017 03:20 IST