Internet, Law & Policy, Security

Ant Financial Opens Its Internet Bank This Week In China

Ant Financial Services Group, a small and micro financial services company under Alibaba Group's Alipay, will officially launch their online banking platform MYbank on June 25, 2015.

MYbank is also known as Zhejiang Online Business Bank and is one of the first five trial private banks approved by China Banking Regulatory Commission on March 11, 2014. This bank later gained construction approval on September 29, 2014.

Ant Financial will own a 30% stake in Zhejiang Online Business Bank; Fosun International's relevant enterprise will own a 25% stake; Wanxiang Group will own an 18% stake; and Ningbo Jinrun Asset Management will own a 16% stake.

MYbank previously announced its remote account opening with face recognition technology; however, this service did not gain approval from regulatory authorities due to security risk concerns. Commenting on this issue, Alibaba said that they are still communicating with the regulatory authorities regarding the service.

Image Credit: Creativa Images

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