Alibaba and China
Minsheng to open online bank
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David Nealis President of Ceres Ltd
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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.
China, the world’s 2nd
largest economy, continues to be the most important market for companies
looking for growth and Chinese companies continue to globalize by investing and
selling their products in new markets; what is your company’s strategy for
engaging China?
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