Alibaba to launch online bank in June

Chinese e-commerce giant Alibaba's affiliate Ant Financial will launch its planned online bank, MYbank, in June this year.

Alibaba to launch online bank in June

Yuan Leiming, Ant’s general manager of its finance division, disclosed plans about the launch in an interview with Reuters.

Ant Financial will own a 30% stake in MYbank, while subsidiaries of Fosun International will hold 25% of the stakes.

Wanxiang Group and Ningbo Jinrun Asset Management will hold 18% and 16% stakes respectively, with other shareholders holding the remainder.

The news comes after Alibaba’s Tencent Holdings’s own internet bank, WeBank, began trial operations in January this year.