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Alibaba affiliate's new online lender to target SMEs

Xinhua, June 25, 2015 Adjust font size:

Alibaba affiliate Ant Financial Services Group on Thursday launched an online lender that will offer loans to small and medium-sized enterprises (SMEs), a market underserved by major financial institutions.

With 30 percent of its shares owned by Ant Financial, MYbank's five other shareholders include the billionaire-headed private firms Fosun Group and Wanxiang Group.

MYbank has four billion yuan (654.15 million U.S. dollars) of registered capital and will extend loans of no more than five million yuan, according to a statement by Ant Financial.

Jing Xiandong, president of Ant Financial, will serve as MYbank's board chairman.

MYbank was one of five new private banks approved by the China Banking Regulatory Commission in late 2014. Endi