Alibaba Group Holding Ltd’s affiliate Ant Financial is planning to launch its online bank service known as MYBank in June.
As reported by Reuters, the launch news was disclosed by Yuan Leiming, Ant’s general manager of its finance division.
Around 30% stakes in MYBank will be owned by Ant Financial, while subsidiaries of Fosun International Ltd and Wanxiang Group will hold 25% and 18% stakes, respectively. Ningbo Jinrun Asset Management will own 16% shares and other stakeholders the remainder.
With the launch of MYBank, Alibaba Group Holdings Ltd is taking a step towards building a full fledged internet finance platform. Ant says it will open up services like banking, loans and credit, insurance, payment systems and investment to new tiers of Chinese society.
The company, Ant Financial also officially rolled out an index that tracks eCommerce activities to gauge firm’s performance.
In December 2014, Tencent had also launched China’s first private internet bank called ‘WeBank’, to allow the online businesses to be able to give out loans to their customers and merchants without routing them through a bank.