Comment on Alipay’s Parent Company Gets Online Private Bank Approval by Ten-year-old Alipay: from a Payment Service to a Pioneer in Online Finance - TechNode

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-09-29 00:00:00

Small and Micro Financial Services Company (SMFSC), parent company of Alipay and financial arm of Alibaba Group, has been given official approval by the China Banking Regulatory Commission to set up a private bank. The bank is named “Zhejiang Online Commercial Bank” (not official translation), with SMFSC owning a 30% stake and the other three shareholders holding the remainder. The bank will create online-only, easy-to-use financial products and services. Also it will introduce products or services from existing banks and financial institutes as the company’s ultimate goal is to build a platform for online financial products or services, SMFSC says. Tencent and Alibaba’s SMFSC were the only two Internet companies, out of ten, allowed by the regulator to apply for the license for private banks earlier this year.