MYbank Vs. WeBank: China’s Internet Giants Go Head To Head In New Online Banking Sector

SHANGHAI -- China has approved the opening of the country’s second online bank, backed by an affiliate of e-commerce giant Alibaba, in what analysts say is an important step forward in the country’s banking reform. MYbank, with registered capital of 4 billion yuan (around $650 million), will be registered in Alibaba’s home province, Zhejiang, west of Shanghai, state media reported.

from International Business Times http://ift.tt/1AzO4KN