Ant Financial, Alibaba's finance arm, is planning to launch its online bank service branded as MYBank in June this year. The launch news was disclosed by Yuan Leiming, Ant Financial's general manager in an interview in Beijing on Thursday.
Ant Financial will own around 30% stakes in MYBank. Other shareholders will be Shanghai Fosun Industrial Technology Development Co. Ltd, a subsidiary of Fosun International Ltd, with a 25% stake. A subsidiary of Wanxiang Group will hold 18% and Ningbo Jinrun Asset Management will own 16%.
MYBank's launch will help Alibaba Group Holdings to build a full-fledged internet finance platform. Ant said that it will offer services like banking, loans and credit, insurance, payment systems and investment to new tiers of Chinese society.