Ant Financial will hold a 30% stake in MYbank, while subsidiaries of Chinese conglomerate Fosun International and auto parts maker Wanxiang Group will own 25% and 18% respectively. Ningbo Jinrun Asset Management will own 16% and other shareholders the remainder.
MYbank’s launch will help Alibaba build an internet finance platform, which Ant says will offer services like banking, loans and credit, insurance, payment systems and investment to new tiers of Chinese society.
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