You are here: Home » Companies » News
Business Standard

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


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 to win “as ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, July 04 2017. 03:18 IST