Alibaba’s financial affiliate company launched its internet bank yesterday, with executives pledging to use the Chinese ecommerce group’s treasure trove of customer data to target lending to small businesses.
MYBank, owned by Zhejiang Ant Small & Micro Financial Services Group, an Alibaba affiliate business, holds one of six new banking licences granted to privately owned companies under a pilot scheme aimed at diversifying China’s financial system. Small firms have long complained of difficulty in obtaining bank loans from state-owned banks, which tend to favour larger state-owned companies.
“Answering to the needs of those who have limited access to financial services in China is our mission,” said Eric Jing, MYBank’s executive chairman. “MYBank is here to give affordable loans for small and micro enterprises. We are here to provide banking services, not for the rich, but for the little guys.”