Alibaba and China Minsheng to open online bank

Alibaba and China Minsheng to open online bank

David Nealis President of Ceres Ltd

Chinese State media reported that Chinese Internet giant Alibaba and China Minsheng Banking Corp have formed an alliance to open an online bank on the country's largest e-commerce website, Taobao. The online bank is scheduled to begin operations in October, ENN Weekly said. The alliance forms part of Alibaba's efforts to provide online financial services. The move by Alibaba and China Minsheng Bank came at a time that the State Council had approved a supervisory team to monitor the development of online financial services in China.

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