Tencent and Alibaba are the two Internet companies of the ten private investors who are allowed to participate in establishing the five banks. Alibaba announced today its financial arm and Wanxiang Group have teamed up to apply for a license. Alibaba says the bank’s focus will be on small online businesses and entrepreneurs. In the past years it created many innovative financial services for online retailers and users. Tencent has registered several financial companies in Qianhai Shenzhen-Hong Kong financial and modern services development zone.